Hello. We entered our IVA in November 2012 for 5 years. In our 4th year DFD asked us to check if we could release equity through our property. Since this was not possible they extended for 1 extra year. Our payments up to July 2017 were 200 per month - all paid on time. After which they would be 361 as the HP on our car was to finish in July 2017.
In our 4th and 5th year we had some authorised payment breaks making our IVA finish in March 2019 not November 2018. Our review in November 2017 showed affordability of 197 per month, which DFD never finalised on despite numerous follow ups in 2018. We fell into some more trouble after this. However continued to pay whatever we could, between November 2017 to December 2018 we paid 755 in total for this period.
We submitted another review in November 2018 and have been informed that our IVA is now under variation. December 2018 to March 2019 we paid 100 per month as per their request when we followed up on our previous result for the previous review. They informed us the IVA was now under variation. I made 1 more payment in June 2019 for 100. Our review for November 2018 shows affordability of 65 now. Their system (customer portal) shows our IVA has ended, however we have an outstanding balance which doesn't factor the affordability shown in our review from November 2017. We don't really know we stand in this scenario, and just hoping they decide to conclude the IVA and not terminate it. Please can someone advise us? Our variation appointment is set for Monday coming so any advice before this will be greatly appreciated. Thank you.
You are now, presumably, dealing with Aperture, who took over DFD cases a while back. They cannot just terminate an IVA for arrears without giving you the opportunity to rectify the situation, or asking the creditors to forgive the situation and accept payments made to date, as the arrears are caused by drop in income, it appears.
Had you simply decided to pay less without IP involvement they might have a case, but this situaion has been compounded by lack of action from DFD initially and then Aperture. Incidentally, if income drops they are not required to reduce your payment, though will help if able --- the current affordability of £65 would make the IVA unviable.
It is not all doom and gloom, if they can get their act together ( and complain if not) --- my IVA became unaffordable halfway through and they asked creditors to, basically, call it quits and accept payments made to date, which they agreed to !
Emphasise the fact that this situation is entirely down to lack of action from the IP (s). It could also be cause for complaint to the regulatory body if not resolved.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for your prompt reply. It is Aperture now.
I can ask them to recommend to bring the IVA to a close now based on the slow approach between DFD and Aperture to evaluate the reviews and not make prompt recommendations?
You are within your rights to ask, politely for now, that they consider the options, including closure on payments made to date. Remember though that asking for closure on grounds of unaffordability is a "do or die" situation -- if they refuse the IVA fails, there is no coming back from that particular brink. But, as you say, they really need to properly evaluate the current position in the light of the lack of response and support in recent years. This is not a problem of your own making, but of theirs !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We got the variation call yesterday. Aperture reviewed our income and expenditure and asked us why our expenditure on some basic necessities was low. We explained our number 1 priority to is to complete the IVA successfully. After which they asked us if we could afford 100 per month for the next 12 months. Meaning the IVA would be 8 years before it completes. I advised them we have some household maintenance which desperately needs doing and that we cannot avoid it anymore as the cost is more 500 its been hard for us to address this. Aperture responded by asking if they got us a 3 month break and then we paid 100 for next 9 months how does that sound. We said in principle its great, but practically it wont allow us to move forward with our lives, as due to the IVA we are restricted in job roles which both my wife and qualified to do as there are prospective employers who wont take us, furthermore we are commited to our obligations in the IVA and want to do whats best for us as well as our creditors, therefore open to suggestion and negotiating the best for all. In response to this they stated, we wont put in the statement about restricted jobs, however "we can request the creditors to conclude the IVA based on the amounts you have paid to date". In the original proposal they had forecast that we would pay 12500 over 5 years and then have an equity release of 16000 at which point the IVA would conclude. Since an equity release was not possible for us, they added an extra year to the IVA. They also informed us that if the creditors dont agree they will adjourn the meeting and contact us to discuss a solution. They added by saying between now and until mid August 2019 we wont need to make any payments, as it will take them atleast 2 weeks to draft up the proposal, then allow the creditors 32 days to evaluate and the variation meeting with the creditors to take place mid august 2019.
Based on what I have said above, what are the chances the IVA will be brought to a close? and does what we have been advised by Aperture is the industry norm? Any advice and suggestions anyone can provide us will be greatly appreciated.
To be honest and with (and I do not say this often) respect due to Aperture - they are going above and beyond to help you through this. Hopefully the creditors will accept payments to date, but you still have a fall back.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It looks like you're not willing to compromise. At the end of the day Aperture needs to think of the creditors and not just take note that you'd like to move on with your lives - I'm sure your creditors would like to have been paid in full also. You may have to just push on with Aperture recommendations and see the IVA out.
I agree with Foggy that Aperture are doing really well here.
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
