Problems with IVA with Payplan

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debbie186
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by debbie186 » Mon Mar 05, 2018 1:59 pm
My husband and I took out an IVA in 2012 with Payplan and made all the payments on time and in Jan 2017 we were asked to make a top up payment at the end which we did. We heard nothing from Payplan until October 17 when we were aske to send in our income and outgoings and receipts for household bills which we did and again heard nothing until last week when we received an email advising that we owed £24k on a secured loan that they were going to include in the IVA and arrange a creditors meeting to see if our unsecured creditors would accept less dividends. We have now been asked for double our old payment for 12 months and if the creditors disagree we will be put into bankruptcy. In 2012 we had our house repossessed by Northern Rock and there was a secured loan as well by First Plus, nothing was ever mentioned during the 60 months and we signed an agreement with Payplan for 60 months but they have now told us that 60 months is negotiable. Please can someone help as we are not sleeping at night and when we call Payplan they just keep asking for the money and offering no answers.
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Foggy
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by Foggy » Mon Mar 05, 2018 2:19 pm
This needs to be looked at in some detail and might need the assistance of a solicitor experienced in insolvency. There is a chance that Payplan themselves have messed up here and maybe didn't give the best advice at the time. I would suggest a chat with your local CAB in the first instance.
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J5453
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by J5453 » Mon Mar 05, 2018 3:41 pm
This sounds like the exact situation I found myself in. But I told Payplan about my secured loan and that I was going to hand the keys of my property back to the mortgage lender. The bank sold the house releasing the equity to the secured loan and I was still quite a bit in debt to that secured loan company. This was now unsecured and I was about a year into my iva. I kept Payplan in the loop all the way and asked if I could now have this loan put into my Iva. There was a second creditors meeting and I was granted a variation of double my IVA payments in an extra 12 months on top of my 5 years payable in the last year.

It sounds like your situation didnt go as smoothly or realised by Payplan at the time and now they are playing catch up. It sounds like it’s been over complicated on what should have been a more smoother transaction. I’d get advice on whether they haven’t done what they should have at the time. This is stress that you should not be having if you kept them informed of your situation all the way through the repossession.
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kallis3
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by kallis3 » Mon Mar 05, 2018 3:46 pm
I was with Payplan and our secured loan was included from day one in our I&E.
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J5453
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by J5453 » Mon Mar 05, 2018 3:58 pm
Yes mine was too and then when I realised the house had to go, this was when they accepted it into the IVA as the debt it left was now unsecured. It went really smoothly and creditors agreeing to it.
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kallis3
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by kallis3 » Mon Mar 05, 2018 4:16 pm
My house was never allowed in other than payments being counted in. My house was never in the loop other than normal mortgage payments. I would never have sold my house.
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J5453
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by J5453 » Mon Mar 05, 2018 4:24 pm
I had to as was jointly owned and had split up.
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kallis3
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by kallis3 » Mon Mar 05, 2018 4:34 pm
We were still together thankfully. Sorry you had to sell your house.
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J5453
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by J5453 » Mon Mar 05, 2018 5:21 pm
As long as the completion process goes smoothly, everything has worked out really well and for the best and I will be out at the other end of this a better person. It’s all good! :D
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Foggy
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by Foggy » Mon Mar 05, 2018 5:23 pm
J5453 wrote:
As long as the completion process goes smoothly, everything has worked out really well and for the best and I will be out at the other end of this a better person. It’s all good! :D


This is it ! At least, at the end of the day, things got resolved and you can put it behind you.
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Lisa Thomas
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by Lisa Thomas » Tue Mar 06, 2018 4:28 pm
Were Northern Rock listed as a creditor in the original IVA proposals, even for £1?
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kallis3
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by kallis3 » Tue Mar 06, 2018 5:08 pm
Good luck for the future!
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