Hi I have a problem with my IVA company. Basically it was agreed that i sell my house to pay 100% of the debt. This would end mine and my wife's iva's. After we sold the house we were advised that the creditors now have different agents from before and might accept a lower offer. This was offered as I need extra funds on repairs to my house. It was provisionally accepted to pay slightly lower than the full amount and there would be a meeting two weeks later for the completion of the iva's. Two weeks passed and I receive a call to say one of the creditors has changed there mind and now want the original full amount. This was adjourned for two more weeks which in that time I sent proof of the work needed on my house which showed where that extra funding was being spent. After this next two weeks I'm told there still rejecting but my wife's IVA has been accepted. I'm told originally that we would pay less if both iva's went through together which is not possible now. More importantly I was wrongly advised when told a lower full and final settlement figure was provisionally accepted and to go ahead and use the extra funding for builders. If I was advised not to go head with any building work until the meeting was over then I would of kept banked the original full amount which I was willing to pay should they not have provisionally accepted a lower offer. Now there is a high risk of bankruptcy when all this could of been avoided should I not have been wrongly advised.
Unfortunately Payplan have protected themselves with that word "Provisionally" --- nothing was certain until the meetings had concluded.
You could, possibly, raise a complaint with Payplan, which could be escalated to their regulatory body, maybe resulting in them getting a slap on the wrist or a fine -- neither of which will help you !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi thank you for your reply Foggy. I am in the process of making a formal complaint through the insolvency practitioner. It is quite disgusting that they take £62000 off me to complete mine and my wife's IVA to then come back to me with a rejection. The total combined debt was £74000 which we had to hand over to complete both iva's. Prior to handing it over was advised creditors agents were now new agents and might accept a lower offer. So when they came back to me saying they have provisionally accepted a £62000 offer along with the £5000 already paid in and then gave me the green light to use the extra funds for urgent home repairs i was shocked when the meeting came around two weeks later saying they rejected my iva and accepted my wifes. The extra funds which are now used for builders are now not available to pay in to the IVA. Not only this I was told putting both iva's through together would create a discount. So now I'm left with my IVA still owing £60000. They have from left from what I paid in £55000 leaving me £5000 short. Tix was the agent which has now rejected my iva which is strange as 3 previous offers over the years they accepted.
What I find mostly wrong is payplan told me the offer was accepted in principle and to go ahead and use the extra funds for house repairs.
Now I risk being made bankrupt even know I have paid them £55000 off my £60000 debt.
Unfortunately nothing you've stated confirmed that your offer had been formally accepted. It would appear you jumped the gun a little in using your funds for house repairs. If the work hasn't commented yet can you not cancel the building work and use the money for your IVA?
Sorry I have to disagree with your assumption. I was advised by payplan that the creditors were in agreement for the offer of £62000 and would allow me to use the now free funds for urgent repairs on my new house. Originally they also allowed me to sell my previous house to get these funds.
So once they were in agreement of this new offer payplan should of advised me not to use the funds until after the meeting, instead they gave the go ahead to use the funds. Before all of this I had offered to pay the full amount of £74000 which included the £5000 already paid in.
I just feel I was wrongly advised and if advised correctly then I wouldn't be writing on here complaining about it.
That advisor is now in discussion with the supervisor as I have requested due to there faults they should consider lowering there these. I have also offered to pay an additional £1000 towards it which leaves about £4000 short.
Appreciate your response but I am 100% convinced they are at fault here.
I've asked for the telephone transcripts of proof of the conversations where they were at fault as I feel I will need this to support my case in court should I be made bankrupt.
Cheers
I think they are at fault. - I hope you can get this sorted.
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
