How long should it take to progress with an IVA?

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julie354
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by julie354 » Mon Feb 19, 2018 11:35 am
Spoke to swift insolvency who passed my details onto parento for iva. Signed letter of engagement and all seemed fine until today day 13 I receive phone call from swift telling me to cancel agreement as it's not progressing quick enough. This doesn't seem right and I'm confused.
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Foggy
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by Foggy » Mon Feb 19, 2018 11:39 am
Usually takes a couple of weeks to draft the proposal then a period of notice to the creditors for the meeting -- the whole process normally takes a couple of months.

Seems odd that Swift are doing this --- maybe they have fallen out with Parento and aren't getting their introducer's fee after all !!

Have you spoken to any other firms ? We always advise people do this as you will be in a 5 or 6 year relationship and it is important that you are happy and understand the way they do things. Once in you are stuck !
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julie354
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by julie354 » Mon Feb 19, 2018 12:04 pm
I'm really confused by all this and finding it stressful. Long shot but if I did cancel would they still get the intro fees ? I've already signed letter of engagement and yes I've tried to cancel within 14 day cooling off period but they stated that my signature was auto applied to the waive the right to. This is wrong surely.
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Lisa Thomas
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by Lisa Thomas » Mon Feb 19, 2018 12:29 pm
I don't understand either - what is not processing quick enough? IN addition to the engagement letter have they sent you the list of information they need from you and have you sent it back to them?

I'm not sure what you mean about the auto signature. Did you cancel your instructions in accordance with the terms contained in the engagement letter that you agreed?
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julie354
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by julie354 » Mon Feb 19, 2018 12:46 pm
Hi yes I did send all info required to parento. I can't understand why swift want me to cancel parento. I tried to cancel within the 14 days cooling off period but they auto applied my signature to the waive to right and may require costs for work done. Swift have stated they will find me another company. They are badgering me as I text you .!
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Lisa Thomas
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by Lisa Thomas » Mon Feb 19, 2018 1:08 pm
They cannot use your auto text signature to sign something if you did not agree to it... This is sounding very dodgy to me and I would suggest you ask them what right they had to use your signature for something you did not specifically consent to and mention that you are going to make a formal complaint.
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jonathan398
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by jonathan398 » Mon Feb 19, 2018 1:30 pm
My experience was very poor, my IVA was rejected on one occasion and then got a phone call saying there was nothing they can do, I had already closed my bank account, and lost my overdraft facility, which put me a worst position. The only reason they give, was they a large percentage of the debts was with one bank Nat West. I complained but nothing was done.
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Lisa Thomas
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by Lisa Thomas » Mon Feb 19, 2018 1:31 pm
Unfortunately if the majority of creditors voted against the IVA there wouldn't have been anything the Nominee could have done.
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