Will all my Credit Co's start chasing their money if I cant pay my IVA Money anymore

bellissemma

Hello.
I have tried to make an offer to my IVA and not one person has responded. The 3rd party funds were from my DAD and now he wants to pull out as the money can be used for something else, so now I have nothing at all to pay.

Im off on maternity leave in 4 weeks, and will not be able to pay due to having no income.

Will all the original people I owe start asking me again for the money?

ALSO _ do the IVA companies buy the debts off the companies and get the money back off me?

Charco_2

NO they IVA company will never own the debts!

That is shocking that no-one has had the manners to get back to you - who was the IVA company?

If your IVA fails, your IP will inform your creditors and should make a dispersement to them of any funds in the account over and above any costs and fees he may have incured to this time (ie - your IP and his staff drafted a proposal for you, dealt with all your creditors, handled calls and post for a number of months and a creditors meeting to get your proposal agreed, he then supervised the IVA for x number of months - all these costs will be paid first unfortunately. The cost should be outlined in your proposal: a set nominees fee followed by an annual supervision fee).

Once your IP has settled his debt and dispersed the little remaining to your creditors your creditors will come back to you looking for the rest of the debt. Your IP should have at least have had the courtesy to acknowledge your Lump SUm request and at your insistence held a creditors meeting to give them the opportunity of accepting your variation... this does take time though!

Who were the providers?

Nick700

Good afternoon,

Another possible option if you no longer have the lump sum available, is to ask your IP to offer your creditors the funds you have paid to date, less the IP fees, in full and final settlement of your debts. If creditors accept this, your IVA will be successfully completed.

Creditors may consider this sympathetically if you do not have any disposable income and you are unlikely to have any disposable income for the foreseeable future.

Let me know how you get on.

Nick

bellissemma

Hi , The company I used started as Neville Eckley (2007) Then it was Synergy, even though I was still getting calls from a man from Neville Eckley, and I have had calls emails from Debt Free Direct, infact the last person who took my payment was from Debt free Direct

Charco_2

so which of the companies did you put your offer to... I've a sneaking suspicion Nick700 there works for DFD!

bellissemma

HI
I put the offer in to Synergy, and after asking them to acknowledge receipt of the email - they did, so I guess it has been looked into by synergy?