What am I meant to know about my IVA ?

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Post by Comptonbay » Wed Jun 12, 2019 8:26 pm
Good Evening Everyone.

I'm really glad I've found the forum, I think I've spent so long just paying the IVA and doing daily , weekly life I have just accepted so much i have been told.
I have from the outset felt quite 'done to'. I'm not trying to annoy anyone by saying that but my experiences have not been the best. A messy split , an underpaid job and two small children oh and a mortgage on my own. Result..... desperation to keep the only thing that gives us all security now and in the future my children when I'm not around.
After a debt management plan which was not working and I would be about 80 when I cleared the debts I was advised to take out an IVA from Debt Management company. I did this to have an end to the drama and debt and move on.
After 5 years with one company I was advised my IVA had been transferred to another company. This companies customer service is inconsistent and quite often I've finished a call feeling I'm 12 years old and been told off.
I have been honest and upfront with them and during 7 years I have had financial changes such as the birth of my baby and my partner having a breakdown , over payments by CTC which were reclaimed impacting on income , washing machines dying, school trips ( at secondary they are fairly dear). I had an inheritance payment from my estranged grandfather and did the PPI claims the company told me to. All of these monies were handed over totalling about 9,500. My complete debt was 43,000 at the start and part of my unsecured mortgage was ported over to make my IVA viable on their advice. I understand I have taken breaks and know when these have been and they were agreed. I am now in year 7 and believe my IVA is ending this year however I am unable to get a straight answer from the company. In fact I was told yesterday " you have taken so many breaks , it will take me ages to give you that answer , I will have to look at what property you own and your assessts" . My response was given this was my 7th year and they had a marker ( or flag ?) On my home and I have no assessts as they will know from my reviews why couldn't he give me this answer? At this point the line went dead. Perhaps coincidental but given the response ,I'm torn between feeling really angry and that I'm in the wrong for inconvieniancing them by asking.
So moving forward, what should they be sharing with me ? What should I know and how do I make sure that they know what they are doing? I'm really worried they will just keep extending or be unprofessional. I understand that there are debts and I am responsible but am starting to feel that this how life will be forever.

I would really appreciate any feedback, hoping I've caused no offence.
Kind regards


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Post by luluj » Wed Jun 12, 2019 11:07 pm
Firstly you need to file a complaint about how your call was handled and the call terminated- that simply is not acceptable in my opinion.

Secondly I would send them a letter registered post, do you can track its receipt, explaining the mix messages and inability to provide an answer to what is a relatively simple question - will my iva end this year? I would give them 14 days to respond to you otherwise you will have no choice in making a formal complaint.

Your inheritance payments etc will not count towards missed payments- it will go towards providing a higher return for creditors.

See how this goes - hope it does the trick for you !
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"


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Post by kallis3 » Thu Jun 13, 2019 6:23 am
You haven't caused any offence at all. We are here to help and support you.

Have you had your house valued to see if you have any equity? The marker you mentioned is lodged at Land Registry and simply means you cannot sell your house without your IP's permission.
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.


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Post by Foggy » Thu Jun 13, 2019 6:48 am
You say you have been paying for 7 years .... is this purely down to payment breaks being made up ? Or have they already assessed equity release and you have had an extra year in lieu of this ? If not brace yourself for the possibility of another year. Read through your papwerwork and acquaint yourself with what was agreed in this respect.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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