Should I complain about my IVA?

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Johndd46

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Post by Johndd46 » Fri Jul 26, 2019 12:23 pm
hi norman and foggy, would it be wise at this moment to put in a formal complaint before the outcome of the meeting in just over 4 weeks? and to you foggy we have offered 250, do you think we should up the offer as so far debt was nearly 16,000 paid in over 14,000 and last but not least, what do you think chances are of creditors terminating iva are excepting offer are up the offer

Foggy

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Post by Foggy » Fri Jul 26, 2019 12:41 pm
Hi -- was that 250 or 2,500 ?

F&F offers are normally based on the amount left to pay -- ie what the creditors are looking at getting over the rest of the agreed term, including an extra 12 months if you are a home owner. I appreciate that this might take you over the full original debt, but since fees come out first and, if fees and full debt are met, statutory interest kicks in, you still will not have actually covered the debt!

How long have you got left and what is your current monthly payment ?

On the complaint front, I would be inclined to await the meeting results, as there might be things arising from the meeting you wish to address, but, in the meantime make my own statement of what has happened and insist it be circulated to the creditors ahead of the meeting.
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 » Fri Jul 26, 2019 1:12 pm
Response sent in via enquiry window:

"hi foggy its 2500 ,the way we looking at it ,if the iva is terminated ,it would be a headache stress allover again appling for another way of paying debt off ,we could pay all the creditors our selves ,so its probably easier to try and finalise at the creditors meeting to save a lot more hassle ,we pay 100 a month we just started year 4 what figure would you suggest to the creditors ,to sway them about the breach and take the offer ,we are thinking 4000 grand also would it effect the creditor meeting date ,if we up the offer from 2500"
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 » Fri Jul 26, 2019 1:23 pm
So -- if you have 12 months left at £100, creditors are looking at getting £1200 (double that if you are a homeowner), so the £2,500 currently offered seems more than fair.

As to what might make the creditors look kindly on the alleged breach, I have no idea ! There are different ways to look at it and should only really be dealt with after you know which way the creditors are going to lean. It is a gamble -- they might just settle and close the IVA for £2.5k, forgiving the alleged breach as it was not a malicious or fraudulant omission. So, if you offer £4k you could be throwing away £1.5k. On the other hand they could be miffed at the breach and the extra will sweeten them enough to forgive. Of course -- at the end of the day they might be miffed enough to refuse any offer !!! Hopefully they will see it as a genuine mistake --- as has been said "you are not the first and you won't be the last".

Sorry, but my reply isn't very helpful at all !!
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

norman

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Post by norman » Fri Jul 26, 2019 1:53 pm
Your reply is spot on Foggy ,it gives you a clue at least of what might happen or how much to maybe offer I mean other than this site you are basically left to just stew over things and yes worry yourself sick for weeks on end until they get back to you because the call handlers can't tell you anything to put your mind at rest ,so to be able to speak to someone on here and get it off your chest is vital ,I think people get very worried when it comes to debt I am so glad I came across it .

Foggy

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Post by Foggy » Fri Jul 26, 2019 2:56 pm
Again -- response by general enquiry:

"nice one foggy ,same thinking ,if we get iva terminated how long we got before bangin on the door begins ,as we have arranged with citizen advice ,if our iva fails they will start offering full and final ,how long do we have to wait to start ringin creditors ,and can I still put a complaint in "
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 » Fri Jul 26, 2019 2:57 pm
It will probably take a while for creditors to react --- from other posts on here -- years !!! But -- could be weeks !

Yes, I would still complain !
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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