in IVA but don't believe it is right for me

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Clive.06
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by Clive.06 » Thu Sep 27, 2018 9:41 am
I have an IVA. I believe that I was not offered the best advice as debts close to £70k with variable income at the time meant bankruptcy would have been the better option. I have not paid a penny to the IVA company for over a year as I was again disputing their figures and still receiving letters from creditors, giving weight to my argument with them that they had not done anything other than pocket my first few months payments themselves and done nothing for creditors. As far as I’m concerned this company (strangely now operating under a different name) are crooks. I did complain to the ombudsman but they are as toothless as all ‘watchdogs’ are. I want the IVA gone, they’ve pocketed around £6.5 k of PPI refunds & not told the creditors, that PPI money is all they are going to get unless they can provide genuine proof & figures that the creditors are being fed before they are
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kallis3
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by kallis3 » Thu Sep 27, 2018 9:50 am
You will find your IVA has been sold on to a different company and a lot of this has been happening recently but they won't be crooks. If you have not paid anything I imagine your IVA has failed - have you checked the Insolvency Register to see if you are still on there? As to BR - do you have any assets, such as a house that could be at risk?
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Foggy
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by Foggy » Thu Sep 27, 2018 10:18 am
It is standard practice with the agreement of the creditors that the nominees fees are paid, at least in part, first, before the creditors get any of the dividend. At the outset is is incumbent on you to look at the options and decide which to take ... if you thought BR was the way to go, why did you not choose that route at the time?

The ombudsman is far from toothless -- but has no jurisdiction over IVA's.

There is every chance that your IVA has failed due to your lack of payments, but it will remain on your credit files until the 6th anniversary, unless you can get the courts to annul it, which could prove difficult and costly.
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Lisa Thomas
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by Lisa Thomas » Fri Sep 28, 2018 10:41 am
Clive.06 wrote:
I have an IVA. I believe that I was not offered the best advice as debts close to £70k with variable income at the time meant bankruptcy would have been the better option. I have not paid a penny to the IVA company for over a year as I was again disputing their figures and still receiving letters from creditors, giving weight to my argument with them that they had not done anything other than pocket my first few months payments themselves and done nothing for creditors. As far as I’m concerned this company (strangely now operating under a different name) are crooks. I did complain to the ombudsman but they are as toothless as all ‘watchdogs’ are. I want the IVA gone, they’ve pocketed around £6.5 k of PPI refunds & not told the creditors, that PPI money is all they are going to get unless they can provide genuine proof & figures that the creditors are being fed before they are


You need to complain to the Gaeway, not the Ombudsman if you feel you have a genuine complaint but this might be pointless if our IP firm has gone bust - who was it?

https://www.gov.uk/complain-about-insol ... actitioner

The IVA advisors should normally weigh up the options and the reasons why an IVA was felt to be more suitable than BKY when they initially write to you - did they do that?
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Lisa Thomas
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by Lisa Thomas » Fri Sep 28, 2018 10:43 am
The creditors approve the costs so as long as the Supervisor has drawn their cost in accordance with what was approved there shouldn't be an issue and it shouldn't really affect you.

They will also report to creditors once a year or upon closure of the IVA.

Bear in mind if you go Bankrupt you may have to pay income contributions for 3 years.
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