IVA company holding my money

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helen198

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Post by helen198 » Tue Oct 09, 2018 1:36 pm
I was made to make a payment to my Iva company, once I made this payment I was advised that the company had given me false information. Told me I would be on what was called a sort term Iva which doesn’t exist.... they were trying to take £15000 from me when my debts were no where near that high. I rang to tell them I wanted no further dealings with them and told them to return my money ASAP. They have told me they are keeping it yet not all paperwork was signed by myself, no creditors meeting was held (no contact with my creditors was even made) all contact was made via email. Is this company illegally withholding my money. What can I do? I am now left more out of pocket to a company that was meant to help me?

kallis3

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Post by kallis3 » Tue Oct 09, 2018 1:42 pm
Which firm were you with? Did you have a creditor meeting?
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The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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kallis3

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Post by kallis3 » Tue Oct 09, 2018 1:45 pm
Secondly - who told you it was false? You also have to remember fees have to be factored in. Have you checked the Insolvency Register to see if you are on there?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Foggy

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Post by Foggy » Tue Oct 09, 2018 1:49 pm
I would add that there are such things as short term IVA's -- usually referred to as lump sum or single payemtn IVA's ... so there has been some misundwerstanding on both sides here.

How much did you pay them and who told you that you had been given false information ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
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helen198

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Post by helen198 » Tue Oct 09, 2018 2:07 pm
kallis3 wrote:
Which firm were you with? Did you have a creditor meeting?
The company are called castle hill and no there was no creditor meeting

helen198

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Post by helen198 » Tue Oct 09, 2018 2:10 pm
Foggy wrote:
I would add that there are such things as short term IVA's -- usually referred to as lump sum or single payemtn IVA's ... so there has been some misundwerstanding on both sides here.

How much did you pay them and who told you that you had been given false information ?
It was £255
And the new company I’m with now have said no payment should of been requested until creditors meeting had taken place and the Iva fully set up

kallis3

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Post by kallis3 » Tue Oct 09, 2018 2:24 pm
Your payment would have been a 'fee' charged by your company and they can do that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Tue Oct 09, 2018 2:54 pm
I agree with Kallis. Some firms charge fees at the outset ( I would normally avoid them, as many don't) and what is due will be determined by their terms of engagement. In either case no IVA payment should be made, until the IVA is agreed, though, again, some firms like to have the first payment ready in advance.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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helen198

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Post by helen198 » Tue Oct 09, 2018 3:06 pm
kallis3 wrote:
Your payment would have been a 'fee' charged by your company and they can do that.
No it wasn’t a fee they told me it was so it looked good to the creditors and money was in there ready to pay towards my debts, so surely it should be returned? I’m with a new Iva company now who are only taking £160 a month unlike this company that we’re trying to charge me nearly double

Lisa Thomas

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Post by Lisa Thomas » Tue Oct 09, 2018 3:09 pm
They are entitled to charge you a fee before an IVA is in place (although many firms don't.)

If you mean 'short term' IVA this is also possible - not all IVAs last for 5 years.

What terms were agreed via the emails before you paid the funds over to CH?

If in doubt complain here:

https://www.gov.uk/complain-about-insol ... actitioner
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: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

helen198

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Post by helen198 » Tue Oct 09, 2018 3:41 pm
Lisa Thomas wrote:
They are entitled to charge you a fee before an IVA is in place (although many firms don't.)

If you mean 'short term' IVA this is also possible - not all IVAs last for 5 years.

What terms were agreed via the emails before you paid the funds over to CH?

If in doubt complain here:

https://www.gov.uk/complain-about-insol ... actitioner
The only thing I’ve signed is a letter of engagement, when I rang to cancel everything they told me more paperwork has been sent out to me to sign ... which to this day I’ve not received... so are they wrong to also take payment before everything is signed and sent back?
And thankyou for that link will look into it :D

helen198

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Post by helen198 » Tue Oct 09, 2018 3:42 pm
helen198 wrote:
Lisa Thomas wrote:
They are entitled to charge you a fee before an IVA is in place (although many firms don't.)

If you mean 'short term' IVA this is also possible - not all IVAs last for 5 years.

What terms were agreed via the emails before you paid the funds over to CH?

If in doubt complain here:

https://www.gov.uk/complain-about-insol ... actitioner
The only thing I’ve signed is a letter of engagement, when I rang to cancel everything they told me more paperwork has been sent out to me to sign ... which to this day I’ve not received... so are they wrong to also take payment before everything is signed and sent back?
And thankyou for that link will look into it :D
P.s there was no mention of a fee mentioned in any paperwork

kallis3

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Post by kallis3 » Tue Oct 09, 2018 7:02 pm
Some firms do charge this - they may refund it but I doubt it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Mrs_Brown

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Post by Mrs_Brown » Wed Oct 10, 2018 4:24 am
I had a look for Castle Hill as they aren't a company I have heard mentioned in here, they appear to deal with company and business insolvency. Not sure if this is the same company you referred to. It didn't seem that they had any fees listed on their site either.

kallis3

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Post by kallis3 » Wed Oct 10, 2018 8:09 am
I agree with Mrs Brown - if it is the same company I can't see anything to do with personal insolvency - are you in business?

If you live near to where their office is, you could have a chat with Lisa one of our industry experts.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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