My IVA company has been sold to another new company

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Jay uk

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Post by Jay uk » Tue Aug 18, 2020 2:05 pm
Dear All,
My Previous IVA company has been sold to another new company.
Therefore, my variations of the deed have been cancelled. I got a letter.
In these conditions, What will happen??

kallis3

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Post by kallis3 » Tue Aug 18, 2020 2:25 pm
They cannot change your original contract.
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

SteveUK

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Post by SteveUK » Tue Aug 18, 2020 2:29 pm
Tue Aug 18, 2020 2:25 pmkallis3 wrote:
They cannot change your original contract.
Including any variations previously agreed.

Foggy

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Post by Foggy » Tue Aug 18, 2020 2:49 pm
What variations have been cancelled ? If the variation has already been put to the vote and accepted by creditors the new firm is stuck with them .... they cannot vary the agreement.

Which firms are we talking about ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Foggy

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Post by Foggy » Tue Aug 18, 2020 2:59 pm
Bit of digging ..... the new providers state on their website: Your payment amount, the length of your arrangement and all other terms and conditions of your agreement are unaffected by the change.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Jay uk

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Joined: Sun Jun 23, 2019 10:46 pm

Post by Jay uk » Tue Aug 18, 2020 9:19 pm
Hi
Thank you for your reply.
My IVA is running 3 years with current company. This co. is no more exists as taken over by a new company. The variation of my IVA regarding the final settlement meetings supposed to held this Friday but this has been cancelled,received letter from my previous IVA supervisor.
I am confused, what will happen to my proposal which was finalised and confirmed with me for further meetings. I have stop paying my monthly installment as advised from former IVA supervisor.
What will happen to my next 3 years left IVA to pay? What will happen the settlement which was ready for creditors meetings?
Please sombody shed the lights on this type of situation.
Thanks in advance.
Jay

kallis3

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Post by kallis3 » Wed Aug 19, 2020 6:41 am
They cannot cancel it! You have your original report and they should abide by that. What is this new company?
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 » Wed Aug 19, 2020 8:12 am
They have cancelled the scheduled variation meeting. So nothing has yet been agreed.

Contact the new firm and ask them to re-schedule the meeting or, if there is enough time, to carry on with the agreed meeting. Explain that there are suspended payments and the funds for the offer are in place.

If they do not comply you have grounds for a formal complaint, which you can escalate to their regulatory body.

At worst they should treat the missed payments as a break while they re-schedule.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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