We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Defaulted IVA - advice needed
dixie_chick
Posts: 2 Newbie
in IVA & DRO
Hi all
We took out a joint IVA in 2008 for a total debt of about 67k. Thought this was our best interest as we have a mortgage - but monthly repayments were £700pcm and we couldn't keep up with the mortgage. Telephone advice from IVA company was basically not to pay the mortgage. So to cut a long story short we ended up in court for a repossession hearing. Both the magistrate and the CAB man (who was fantastic) couldn't believe how much we were paying on the IVA and advised us to stop paying the IVA immediately, stating that we had been misold the IVA. Basically we haven't made any payments to our IVA since March 2010. We wrote to them to tell them why we were defaulting and received no reply. Have only received 1 text and a letter stating they were trying to contact us in 18 months. Have phoned them to tell them again that we have been advised to default, was told the message would be passed on and again no contact from them.
Is it normal for this process to take so long? Also wondering if they have breached any professional code? And.......what happens next??
Am desperate not to lose our house. Think there's only about £10k equity in it. Any advice greatly received!!
We took out a joint IVA in 2008 for a total debt of about 67k. Thought this was our best interest as we have a mortgage - but monthly repayments were £700pcm and we couldn't keep up with the mortgage. Telephone advice from IVA company was basically not to pay the mortgage. So to cut a long story short we ended up in court for a repossession hearing. Both the magistrate and the CAB man (who was fantastic) couldn't believe how much we were paying on the IVA and advised us to stop paying the IVA immediately, stating that we had been misold the IVA. Basically we haven't made any payments to our IVA since March 2010. We wrote to them to tell them why we were defaulting and received no reply. Have only received 1 text and a letter stating they were trying to contact us in 18 months. Have phoned them to tell them again that we have been advised to default, was told the message would be passed on and again no contact from them.
Is it normal for this process to take so long? Also wondering if they have breached any professional code? And.......what happens next??
Am desperate not to lose our house. Think there's only about £10k equity in it. Any advice greatly received!!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.1K Banking & Borrowing
- 254.7K Reduce Debt & Boost Income
- 455.8K Spending & Discounts
- 247.9K Work, Benefits & Business
- 605K Mortgages, Homes & Bills
- 178.8K Life & Family
- 262.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards