I was in an IVA from Oct 2011 with Debt Free Direct, Prior to that we had paid nearly £13K into a debt management plan with Moneytailor (I have all the statements to prove it), who became Debt Free Direct as a company and convinced us to move over to an IVA. The £13K paid does not seem to have been taken off our balance - at the time we were so happy to have an end date in sight and a reduced balance, that it is only now, with so many missed payments and a balance that is only £5K less than it was in 2011, that I wonder what happened to the £29K we paid total, of which £16K was to the IVA and £13K to the debt management plan from 2007-10. Debt Free Direct went bust, and our takeover company Aperture have disclaimed any knowledge of dealings before the IVA started. The IP Richard Savage is no longer an IP but I can see he has had action taken against him before for malpractice. We were said to have £11K remaining on the IVA and now the creditors say we are back to the old balances, which could only be this high if Moneytailor and Debt Free Direct took huge fees - I am aware of an £8K fee so far. Who is liable if the company has gone bust? If malpractice can be proved, can we re-open and complete the re-payments with the quoted remaining balance?
I imagine the fees for the DMP were quite high and. also, it is possible that the creditors kept interest charges running --- they would not have had to freeze contractual interest until you started the IVA.
Aperture only took over the running IVA's from DFD and would know nothing about the DMP side of things.
Is your IVA still running ? If you have allowed it to fail then you are back to square one and would have to start all over again. The creditors would also be allowed to add back lost interest, meaning the time (and money) spent on the IVA has been wasted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
