Ive been in an IVA now for thelast 17 months, I only believed my debts when I got into it to be around £20,000, but they have come back at £29000!! When Ive looked into this it seems that the 10k loan I took out with BoS, are now saying that I owe them 20k?? How can this be I only missed one payment before I entered it and it definetly wasnt a 100% intrest pay back?? I have asked my IVA company this question endless times and all I ge back is "it just is", they said theyve looked into it but it is as it is?? I am trying to get to the bottom of it as I am due a bonus next year which would ideallysee me settle this IVA, but I wont be able to do this if that isthe true figure?? Any advice?
I work for a bank and there are certain things that make them act quickly...
- The theat of press coverage
- Treating Customers Fairly (TCF)
- Freedom of Information
(ask for copies of the paperwork and all communications relating to your loan behind the skirts of this bad boy and they have to provide it within certain deadlines)
- Lodge a formal complaint (they have to adhere to deadlines and report half yearly on complaints and closures)
-If these don't work the Financial Ombudsman may take up your case
Tread carefully, you still have three an a half years to go and never know when you will need their goodwill for a payment break, reduction in contributions etc...
Also, your IP or caseworker should have verified copies of the paperwork before adding it to your tally. Can you see what they have?
I feel for you!! Am just coming to my first year review and dreading it.
Before you take such drastic steps - get your IP to provide you with a detailed statement of the debt so you can see for yourself how it has accumulated.
HI
If you took out a 10k loan you will find that BOS will calculate the amount owed as the amount that you would have paid back during the lengh of the loan, less payments made. So it is possible that a 10k loan can mean owing 20k, I'm afraid.
Regards
