IVA Help

chopsilocks

Hi, I am new to here and wondered if anyone can help!

Last year I failed on my IVA, I was on maternity leave and was due to return back to work. I asked my IVA company if they could give me a couple of months grace in order to pay nursery fees and travel costs etc, but after having missed a couple of other payments they failed my IVA.

I am not so worried that I failed my IVA as I have managed to make my own arrangements with my creditors.

What has concerned me is that after receiving my termination letter and paying them around £6000 over a 3 year period they have not distributed any money to my creditors and have said that it has been taken up in their own costs.

I have not done anything about this until now as I just thought that they would be right. However the more I think about it the more it angers me.

Can anyone help!

Thanking you in advance.

debtinfo

what does it say the costs would be in the agreement that you made at the start?

GlamGirlie

Your initial agreement will detail the costs and the disbursement arrangements - you need to check that.

However, it is highly likely that what has happened is correct - some IVA providers charge exorbitant fees, and their fees are paid first from your payments.

jessikax

chopsilocks wrote: »

Hi, I am new to here and wondered if anyone can help!

Last year I failed on my IVA, I was on maternity leave and was due to return back to work. I asked my IVA company if they could give me a couple of months grace in order to pay nursery fees and travel costs etc, but after having missed a couple of other payments they failed my IVA.

I am not so worried that I failed my IVA as I have managed to make my own arrangements with my creditors.

What has concerned me is that after receiving my termination letter and paying them around £6000 over a 3 year period they have not distributed any money to my creditors and have said that it has been taken up in their own costs.

I have not done anything about this until now as I just thought that they would be right. However the more I think about it the more it angers me.

Can anyone help!

Thanking you in advance.

sorry to hear your having such a rough time! my partner successfully completed his IVA at the end of last year but he had terrible trouble in doing so. he was pestered every week for more money from the company, constantly changing how much he was paying back, ridiculous! in the end he had paid back over 8k more than his original debt! some of these companies are money sharks. during his IVA he was so stressed he inquired about bankruptcy and also sought advice from his creditors to see if they could come to some arrangement. he also met the same problem as you in that none of the creditors had been paid yet. the company will take their share first and your creditors will receive their share last! what a joke! i would never recommend an IVA to anyone after his experience! good luck with everything!