I would like to know as your creditors send you a monthly/yearly statement of arrears/payments made, should IVA companies do the same?
I am with Payplan and on their website is just payments total and each month with years of monthly payments.
There is nothing on there to show me if any additional payments have been made.
I'm asking this as i had a miss sold PPI of around £2700, which I know immediately went into the IVA, but I can't see any record of it or any reference against my payments going forward, that the overall amount has reduced due to this £2K PPI.
Is this something where you have to specifically enquire, as it's not openly advertised; the same as being entitled to a payment holiday, I didn't know about that either! Or it's something I wouldn't get information on by default?
You should get an overview of receipts and payments along with the outcome of each annual review.
I can say, I have never automatic received an overview of receipts. Whether this because they have set up an interactive website, I don't know, but it only offers limited services. For me, these receipts and payments are important. They're automatic with banks/mortgages, why not here?
[quote]On the subject of payment breaks -- this is not an entitlement, but a discretionary relief available should you get into difficulties.[quote]
I found out about payment breaks through a conversation on a forum. I don't know if it's just me or my Debt company, but the first action from them for an underpayment is a letter of your IVA failing. I think what I'm trying to say is they highlight the negative consequences over a support aspect.
The automatic statement aspect is just because creditors are legally obliged to provide statements -- IP's are not. The IVA factories will do as little as possible on your behalf --- they deal with such numbers that a few dropping by the wayside is of little consequence to them.
I have to say there is some truth about doing very little on my behalf. I've had my own experience of that. I find it worrying that they do have bursting books of people with debt! I'll be glad to be the other side of this one day.
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