I was led to believe I would be debt free after 7 years. Not so, any suggestions

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by simon843 » Wed Nov 29, 2017 9:25 pm
I've been in my IVA for 6 1/2 years. 6 months to go or so I thought. Called Aperture to confirm my last payment date but was then told I won't of completed my IVA. Due to a 55p in the pound clause I never new about even though I signed the contract.
Now they are saying I'm £10000 pound short which needs addressing.
1. I was lead to believe I would be debt free after the 7 yrs.
2. I was told my creditors pay apertures fees. However Aperture have taken nearly half of my payments.

Any suggestions as to what to do?
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by Foggy » Wed Nov 29, 2017 9:33 pm
If you agreed a 55p dividend then that is what is required -- check the wording in your proposal and chairman's report -- if it says that the minimum dividend is 55p, then that is what it means -- if it says estimated dividend they can't make you stick to it.

You could ask them to propose a variation taking out the minimum dividend requirement, which might be agreed to (or might be refused) by creditors.

Regarding the fees -- these come out of your regular payments and are technically paid by the creditors because this is money they are not getting towards the actual debt. The dividend is calculated after these fees are taken out, as agreed by the creditors.
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Lisa Thomas
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by Lisa Thomas » Thu Nov 30, 2017 12:50 pm
You must have proposed a minimum dividend, as Foggy has said, for them to be saying this.

Unfortunately if that what was in your proposal or any modificaitons you agreed to then that is what you have contracted. The only way around it might be to propose a variation order accepting payments to date in full and final settlement.

Check your paperwork and any modifications, to see what you agreed to.
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