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IVA advice please
Morning
Im after some advice for my partner regarding their IVA please .
The IVA was started in feb 2011 and was originally for £130pm and was advised was over a 3 year period and included their mortgage and secured loan as well. With little or no financial knowledge they accepted this and along with 3 credit card debts totalling approx £15k thought the money problems/worries were sorted .
However the first thing the company did was a ppi claim to which half went onto secured loan and half went to their ex partner (joint mortgage) , then on the annual review with no income changes they increased the monthly payments to £394pm ? To which they panicked as unable to afford these payments (foolishly) cancelled the direct debit , this was feb 2012 . The company only contacted August 2013 not regarding payments but to say they doing further PPI investigation ? And no mention of breach ? They have telephoned and wrote to the IVA. Company and getting no where ? Also upon investigation the company who did the ppi claim is under the same address as the IVA. Company ? Vested interest ?
Im now trying to help as coming in after this situation but would like some advice as to where we need to start please ?
Thank you
Im after some advice for my partner regarding their IVA please .
The IVA was started in feb 2011 and was originally for £130pm and was advised was over a 3 year period and included their mortgage and secured loan as well. With little or no financial knowledge they accepted this and along with 3 credit card debts totalling approx £15k thought the money problems/worries were sorted .
However the first thing the company did was a ppi claim to which half went onto secured loan and half went to their ex partner (joint mortgage) , then on the annual review with no income changes they increased the monthly payments to £394pm ? To which they panicked as unable to afford these payments (foolishly) cancelled the direct debit , this was feb 2012 . The company only contacted August 2013 not regarding payments but to say they doing further PPI investigation ? And no mention of breach ? They have telephoned and wrote to the IVA. Company and getting no where ? Also upon investigation the company who did the ppi claim is under the same address as the IVA. Company ? Vested interest ?
Im now trying to help as coming in after this situation but would like some advice as to where we need to start please ?
Thank you
0
Comments
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A 3 year IVA? That would be highly unusual.
Secured loans and mortgages can never be included in an IVA.
Have you has a look at the original IVA documentation. Who is the IVA company?0 -
Hi thanks for the reply . Those were the first things I said when he eventually admitted his situation about length and mortgage , unfortunately the paperwork is with his very reluctant ex but hoping to resolve that this weekend . Its Clear Debt the IVA company.0
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