I don't think I should have done an IVA

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tim403

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Post by tim403 » Tue May 18, 2021 7:40 am
I have been taken for a ride I think. I was told by the company that it would be best if I took an IVA out because they said I could afford to pay £100 per month so I thought OK that's not to bad. The problem is I'm on benefits because of health problems and depression. When they sent me the first lot of papers to sign in wasn't feeling to good so I just signed the paperwork they sent me without checking it first. Since then I got out of bed this weekend and decided to go through what I had signed and the first two figures that I looked at are completely wrong no wonder they said I could afford £100 a month. I did think it strange when they said that but I thought well they obviously know what they are talking about after all its their job. They had a creditors meeting and my IVA was passed so on Thursday last week I signed the last bit of paperwork and apparently everything is going place, but the figures they where working of where incorrect. It turns out the actual amount I can pay towards my IVA is minus £18 per week. Then I find out that they should have advised me to do a DRO because I've been ringing organisations to see what the best way forward is. My only income is from ESA and PIP. The problem is most if not all of my PIP is allocated to various people who have have to pay like my cleaner my Gardner, taxis to and from various hospital and doctors appointments, my scooter the electric to run my scooter, new batteries for my scooter at £280 a pop each because there are two on my scooter, and a couple carers each week so my pip is already sent before I get it,so I'm left with my esa for the rest of the month for daily living and that's basically spent before I get that as well so I don't think I could come up with minus 18 a month anyway ,I'm going to end up having a mental breakdown if there's goes on like this ,I have no clue what to do ,I've been told by debt charity that I would have no problems al

kallis3

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Post by kallis3 » Tue May 18, 2021 7:51 am
I'm sorry to hear of your problems and do agree that an IVA does not sound like the best solution.

You can let the IVA fail by not paying for three months and then go for a DRO. You could try asking your IVA company to fail it now and then go for the DRO. You will be debt free in 12 months. Your credit record will still be shot for 6 years though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Tue May 18, 2021 7:56 am
I have to agree, on the face of it, an IVA is not the solution for you. A DRO sounds much more suitable. Might I ask which firm advised you to take an IVA ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

tim403

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Post by tim403 » Wed May 19, 2021 12:31 am
Hi folks after pulling my hair out and kicking myself for signing WITHOUT READING ,I finally rang them up again today nice and calm and polite but to the point in hand,explaining that I wasn't well when they sent me the proposal, so I didn't read it when I should have ,and that they should have a duty of care to tell me about what was good for me and not them, I said your duty of care should have told me to go bankrupt or to do a dro not to let someone take something out that is definitely the wrong advice to give them if they are part of the fca this should be there main aim and not make money off someone who is struggling, plus the figures they where working of were not the correct figures ,so fair play the lad who I spoke to actually seemed to know this job he put me on hold said if was going to talk to his supervisor he was back in a couple of minutes and agreed that I should have never been told to take an iva out ,if I could prove what income I had coming in so they can go back to the creditors and tell them it was no fault of mine,it was,there fault so the creditors can see it don't have enough money so they want to withdraw the iva to allow me to go down a better route to sort my debts problems out ,so what was going to be a week and 5 years of struggling turned out not two bad but all ,I must say the lad/gentleman that I spoke to even said they shouldn't,have put you on this anyway so if knew his job ,so all turned out right in the end i hope ,so I can get my dro lined up for when the rules change ,just hope i can get it in place before the creditors start collection,having said that I'm onto very easy to intimate her stand my ground where creditors are concerned, but I think a little win for the little people today.
Thank you ask for your,advice it does,make a difference,so much,appreciated . thanks Tim .

tim403

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Post by tim403 » Wed May 19, 2021 12:47 am
Thanks foggy i don't think it would be fair putting company's names down ,but thank you for the advice. Tim.

kallis3

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Post by kallis3 » Wed May 19, 2021 7:07 am
I'm so glad you have managed to sort this out. Let us know how you get on getting the DRO.

As to the company - they have eventually been extremely helpful and it would be good to know who they are now you have been sorted out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Wed May 19, 2021 8:18 am
It sounds like the IP has put too much reliance on his introducer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

plasticdaft

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Post by plasticdaft » Wed May 19, 2021 6:28 pm
I do wonder what figures the introducer used to make the iva look a viable option? I take it introducers are paid per IVA setup/proposal?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.

tim403

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Post by tim403 » Thu May 20, 2021 1:55 pm
I'm not sure how much the introduction people got , i have sent the relevant information they asked for ,I'm going to give it a couple so they can start the bulk rolling,I'm sure they don't want me ringing them up every day better to give them some time to sort out what they need to do ,the company was
Logan whyte who i had the iva with and after pointing a duty of care they have been great i must say ,so far.

tim403

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Post by tim403 » Thu May 20, 2021 2:00 pm
The people who introduced me to them added over £140 to my income above what I have coming in to make it look like I could afford an iva ,bit naughty of them i think.
All i can say is check your figures properly unlike i did ,lesson learnt for me .

kallis3

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Post by kallis3 » Thu May 20, 2021 4:19 pm
Not good. At least you are now going to get sorted out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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