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    • Sue48
    • By Sue48 20th Apr 17, 10:13 AM
    • 4Posts
    • 1Thanks
    Sue48
    IVA problem
    • #1
    • 20th Apr 17, 10:13 AM
    IVA problem 20th Apr 17 at 10:13 AM
    Hi, I took out an IVA in 2013 and have been passed to 3 different companies , I phoned the one that I am now with to check that the IVA finishes next year. I was told that IVA didn't start until 2015. What can I do as I am a pensioner and disabled and finding it difficult to pay it.
Page 1
    • sourcrates
    • By sourcrates 20th Apr 17, 11:04 AM
    • 11,184 Posts
    • 10,846 Thanks
    sourcrates
    • #2
    • 20th Apr 17, 11:04 AM
    • #2
    • 20th Apr 17, 11:04 AM
    Hi Sue,

    Can you give us a few more details to work with.

    First, are you positive your in an Individual Voluntary Arrangement ?

    These have to be arranged by an insolvency practitioner, and are sanctioned by a court, I cant see why the start date should be delayed by 3 years, that needs clarification.

    If your a pensioner its unlikely you would qualify for an IVA, again, are you sure thats the arrangement you have, its not a DMP is it, a debt management plan ?

    As much detail as possible please, including the debts you have.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Sue48
    • By Sue48 21st Apr 17, 12:37 PM
    • 4 Posts
    • 1 Thanks
    Sue48
    • #3
    • 21st Apr 17, 12:37 PM
    IVA Problem
    • #3
    • 21st Apr 17, 12:37 PM
    Hi, I took out what I thougt was an IVA in Nov .2013 but apparently it was'nt this was with Baines and Ernst, they subsequently sold this on to Berry Cooper in 2015 Jan. This is when it was changed apparently to an IVA, we weren't physically told of this just sent papers to sign which we had done regularly with Baines and Ernst. This was then sold on to NTF, the company we owed the money to transferred our account to Max Recovery Limited by Eversheds LLP. From our paperwork I think we now owe in the region of £21,852.63, which could now be less. We make a payment of £248 per month. I hope all this helps.

    Sue 48
    • sourcrates
    • By sourcrates 21st Apr 17, 1:57 PM
    • 11,184 Posts
    • 10,846 Thanks
    sourcrates
    • #4
    • 21st Apr 17, 1:57 PM
    • #4
    • 21st Apr 17, 1:57 PM
    Hi again sue,

    Sorry, i`m still confused, you cant sell on an IVA, and it cant just change to an IVA either.

    An IVA is a legally binding agreement between you and your creditors, an insolvency practitioner must set this arrangement up for you, there must be a creditors meeting, where they vote weather to approve the IVA or not, you then make your monthly payments, with a review every year, you should be in no doubt as to whether your in an IVA or not.

    Its sounds to me like some kind of debt management plan that you are on, can you dig out the paperwork and see what it says ?

    I dont think you are in an IVA, one way to find out is to search the insolvency register, link here :

    https://www.insolvencydirect.bis.gov.uk/eiir/

    search for your name and address, if its there, you are in an IVA, if it isn't, you arnt.

    Do that and get back to us.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Sue48
    • By Sue48 22nd Apr 17, 10:07 AM
    • 4 Posts
    • 1 Thanks
    Sue48
    • #5
    • 22nd Apr 17, 10:07 AM
    IVA Problem
    • #5
    • 22nd Apr 17, 10:07 AM
    Hi, I stared with Bains &Ernst 3rd Nov. 2013 on a Debt Management Plan, it was then transferred to Berry Cooper who then turned it into an IVA (we didn't know the difference) then transferred to NTF last year. We believed it was written off from the date we started with Baines & Ernst. Part of our debt is with Nat.West and it was them who sold and transferred certain accounts to Max Recovery . Our accounts will be administered on behalf of Max Recovery Ltd by Eversheds LLP. Apparently they will be "dealing direct with our Supervisor as required by law"
    Our rent went up by £30 per month, Council Tax by £14 per month and other regular bills by any thing from a £ to £3.

    Being pensioners and me being disabled things are very difficult.

    Sue48
    • sourcrates
    • By sourcrates 22nd Apr 17, 5:11 PM
    • 11,184 Posts
    • 10,846 Thanks
    sourcrates
    • #6
    • 22nd Apr 17, 5:11 PM
    • #6
    • 22nd Apr 17, 5:11 PM
    Have you checked if your on the insolvency register or not ?

    All I can advise is giving National Debtline a call and running your situation past them as im unsure what your situation actually is.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Sue48
    • By Sue48 22nd Apr 17, 6:09 PM
    • 4 Posts
    • 1 Thanks
    Sue48
    • #7
    • 22nd Apr 17, 6:09 PM
    IVA problem
    • #7
    • 22nd Apr 17, 6:09 PM
    Hi, Thanks for your assistance in this matter ,yes I did check the register and yes I am on there from 2015. I will get in touch with who you suggest to see what they say. Once again thanks for your time on this matter.

    Sue48
    • sourcrates
    • By sourcrates 22nd Apr 17, 6:26 PM
    • 11,184 Posts
    • 10,846 Thanks
    sourcrates
    • #8
    • 22nd Apr 17, 6:26 PM
    • #8
    • 22nd Apr 17, 6:26 PM
    Hi, Thanks for your assistance in this matter ,yes I did check the register and yes I am on there from 2015. I will get in touch with who you suggest to see what they say. Once again thanks for your time on this matter.

    Sue48
    Originally posted by Sue48
    You can reduce your payments if your struggling, but if you want to permanently reduce the monthly amount, your IP must hold a creditors meeting to formally approve it.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • CocteauTwin
    • By CocteauTwin 1st May 17, 4:00 AM
    • 11 Posts
    • 19 Thanks
    CocteauTwin
    • #9
    • 1st May 17, 4:00 AM
    • #9
    • 1st May 17, 4:00 AM
    I would agree with Sourcates that it is not an informal agreement. You should have a contract which stipulates exactly what the agreement you entered into. If you are paying into an IVA do you have annual meetings? I know it can be hard to face but you really need to be aware of the details. It's in your own Best Interests.

    Good luck though
    Debt Free 02/2017
    • Johnsmith2016
    • By Johnsmith2016 3rd May 17, 10:53 PM
    • 427 Posts
    • 221 Thanks
    Johnsmith2016
    As your pensioniors I assume you don't work? Or will be not really needing access much credit going forward.

    Would it make any difference to your daily life to go bankcrupt?
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