Is my IVA company working for me?

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Post by alexandra695 » Sat Nov 02, 2019 8:21 pm
in September 2016 I took an IVA with 3 creditors total £7915.26. My IVA has been set at 6 years. I am paying £75 a month. So far I have had a PPI paid in my IVA £6655.90 and I have paid in total £9130.9 all together. All I am paying is the IVA fees, Vanguard the IVA company hasn't passed on the money they just help themselves to their fees. I call the IVA company early this year and they say if I was paying it all it will be £2K, In the meantime I have had to borrow money from family to get myself a car as my 14 years old died, as you can imaging the one I have now was cheap £2200 and only cost me in repairs. I really need my IVA sorted as I believe the IVA company isn't working for me. What can you do? if you call me can you leave a message I can call back.


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Post by Foggy » Sat Nov 02, 2019 9:04 pm
The fee structure will be stated in your opening paperwork and has been agreed with the creditors .... the IPs fees take precedence ( as also agreed by the creditors).

I am afraid that there is very little you can actually do --- I have tried to raise the fact that we, as debtors, have no mediation services or resolutions services available to us, other than complaining to the IPs regulatory body, which actually does US no good whatsoever. My pleas fell on deaf ears !

Your payment amount is actually right at the bottom of viability and the creditors will get very little in the end. Who does the IVA company work for ? No-one, they are referees. When you first contact them, they work for you as Nominee .... once the IVA is accepted they are supposed to become independant supervisors working under the insolvency regulations to ensure both sides stick to the agreed terms. They do not take sides.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Mon Nov 04, 2019 12:58 pm
The Supervisor merely Supervises that you stick to the terms of your IVA.

Their costs are approved by creditors and paid for from the assets, effectively reducing the monies available for the creditors.

If your IVA completes successfully it shouldn't really make much difference to you how much your IPs got paid.

Check your terms and see what costs basis was approved.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: ... Z5k9ZcC2MA 01752 786800
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