I was never told my IVA could be extended by 12 months

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mo862
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by mo862 » Fri Mar 23, 2018 1:32 pm
Hello,
I have just completed my 5 years IVA payment thinking I was free only to be told that it would be extended by another year because the equity on my property cannot be taken. I am a bit worried how my IV account has been sold off to another company without my knowledge or consent. Furthermore I was contacted by 3rd parties trying to sell me services that I did not sign up for. I spoke to the new IVA company and I honestly think the reason they bought my account of the previous company is the fact that i never missed any payment and I seem like an attractive piece of offering to them to get their hands into my pie too. I am sick of the whole thing. Another thing is that i am also convinced they are encouraging the creditors to ask for another year so they can maximize their profit. What can I do , as i have struggled to pay of the debt and am looking at another 12 months of payment . This was never made clear to me by the original company and they didn't explicitly explain the fact that towards the end they have they can impose another 12 months. I doubt if my creditors would be getting any of these monies.
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Foggy
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by Foggy » Fri Mar 23, 2018 1:41 pm
mo862 wrote:
Hello,
I have just completed my 5 years IVA payment thinking I was free only to be told that it would be extended by another year because the equity on my property cannot be taken. I am a bit worried how my IV account has been sold off to another company without my knowledge or consent. Furthermore I was contacted by 3rd parties trying to sell me services that I did not sign up for. I spoke to the new IVA company and I honestly think the reason they bought my account of the previous company is the fact that i never missed any payment and I seem like an attractive piece of offering to them to get their hands into my pie too. I am sick of the whole thing. Another thing is that i am also convinced they are encouraging the creditors to ask for another year so they can maximize their profit. What can I do , as i have struggled to pay of the debt and am looking at another 12 months of payment . This was never made clear to me by the original company and they didn't explicitly explain the fact that towards the end they have they can impose another 12 months. I doubt if my creditors would be getting any of these monies.


Hi. It is, I am afraid, commonplace these days for IVA's to be sold on --- usually when an IP or firm ceases to trade. They buy caseloads, not individual cases, so you would not have been especially picked out.

As for the equity release, this is all contained in the proposal you made to your creditors at the start and to which you agreed. Your IP will not be encouraging creditors to extend -- they are already expecting it to extend ! The money will be distributed to your creditors, again, as agreed in the proposal.
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Lisa Thomas
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by Lisa Thomas » Fri Mar 23, 2018 2:34 pm
As Foggy says check what you signed up to in your proposals, its a fairly standard term.

Which firm were you with? Some have gone bust recently so all cases were transferred to other firms.

As regards being contacted by a third party this might be regarding the option of a secured loan but based on the age of your IVA I doubt the secured loan would have incorporated your terms as its a relatively new thing.
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Lisa Thomas
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by Lisa Thomas » Fri Mar 23, 2018 3:37 pm
Also, do you agree with the valuation and equity figures? is it worth challenging to get below the standard minimum of £5k of interest?
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