F+F iva payment

ninja-stelth-elf

hi hope somone can help. husband was made redundant in feb and IVA asked for 8k of redundancy which was paid in (left him 6 month wages) months late he still hasnt managed to gain employment. he is either too over qualified or not quailified enough...

mil offered to lend us a some money to stop the iva hanging over us and we have put forward a f+f payment. 3 weeks after we asked for this they came back and asked for more information (son now recieves dla) which we sent in again.

2 weeks after that they called asking for yet more statements confirming jsa amounts, tax credits and carers allowence which we have again sent and said it could be another 6 weeks before we here from them again.

we are still paying the same monthly amount we were when husband was employed (on much more than jsa)

we are 4 years in paying towards an iva (they added an extra year as the payments were just to high so really have another 2 years to go. the F+f we have offered is more than the current monthly amount they recieve x number of months we have left to pay.

in total including all the payments and the extra for the f+f we will being paying only just under 1000 less than the full money owed (started at 27k)

we see all the time how people have had thousands wiped off the debt, but our just keeps dragging on and on and on.

any ideas how long we should have to wait -we obviously want this finished asap its causing a huge financial strain on us as we are still having to find 300+ for the monthly payments whilst on 'full' benifits atm. we were advised we cant change this amount whilst we are waiting for the f+F to go through...

we recieve some form of comminication from them at least weekly and both of us have just had a text saying they require requested documnets for our annual review.

our iva company was taken over 2 years into it, and since then we have had nothing but problems

National_Debtline

Hi ninja


Do you live in mortgaged or rented accommodation, and if the former do you have any equity? I'm just wondering what meaningful consequences (if any) are in store if for any reason the IVA stalls or fails.


Either way it does sound as though you should be getting better treatment than you are. You need to get a copy of this company's complaints procedure and establish who their "authorising body" is so that you know who any complaint should be escalated to.


Will check back in tomorrow to see if you've replied.


Dennis
@natdebtline

ninja-stelth-elf

Were in a council property.

It just seems that the more paperwork we send the more they ask for.

Husband had a very promising job interview today so I am wandering if they are stalling to see I'd he can secure another job or not then we will be back to paying a high monthly payment again for the next 2 years.

debtfree2016

Hi, having just completed a F&F I understand what's happening. Are you dealing with the IVA company via email or post have you hand an I&E call yet ? This would determine if they feel you should be heading for and F&F or not. Once this has taken place they and the IVA company request a creditor meeting, the creditors then have to reply within 28 days to request any additional information or possibly delay the meeting.
Do you know how far you down this line ?
Do you know what you have outstanding to pay in writing?
Not sure why you went down the IVA route if you have no property?

National_Debtline

I would be surprised if the creditors were the ones behind these delays.


Obviously I don't know the circumstances in which you took the IVA out, but I wouldn't be surprised if there were some high-powered sales tactics involved on the (original) company's part. As debtfree2016 implies, IVAs are often more logical choices for people who have no chance of paying their debts in full but who don't want to put their home at risk. Living as council tenants, a bankruptcy would have left you making payments towards your debts for a maximum of three years. It doesn't make any money for an IVA company though, which is why they may be slow to highlight the above considerations.


Does the IVA company actually know about your husband's job interview? In their shoes, I would be inclined to seriously consider the guaranteed lump sum on offer from your mother in law, as opposed to the mere possibility that he will start earning more and that that will remain the case for at least two year.


I think you need to make a formal complaint, as it does rather sound like you're being fobbed off by this company.


Dennis
@natdebtline

ninja-stelth-elf

No they don't know about job interview ( he had a second interview yesterday - down to the finall 4 applicants).

We have had 2 more letters and a few calls and emails. I have replied to the last email saying they now have copies of all moneies coming into the house they could not be anymore 'documentation' needed and to please reply to confirm.
I got a reply yesterday just saying many thanks...

Had a call today saying they are calling a meeting with the creditors and this could take 30 days and they will let us know the outcome of this meeting.

We are now down to less than 200 in tn the bank and each month they are taking the same amount of money as when dh was earning 27000.

When we started this process 4 years ago I was very unwell with depression and one of the children was having hospital appointments and surgeries and just wanted this all taken out of my hands. It has caused nothing but stress and I can feel myself slipping again.

I am even putting of claiming DLA for my son as despite it not being counted towards the iva ( 1 of our children get it) we had to send all the paperwork we have to the iva company. And I don't want them postponing this again.
The chap on the phone was talking about PPI claims ( they made them and put them on towards our debt but said they could still chase them after the final payment of the iva - we have no more to claim!!

So its back to waiting again.

I would never recommend an iva to anyone.

ninja-stelth-elf

He was talking about trust clauses?

ninja-stelth-elf

The company we rang at the time told us that husband earned too much to be considered for bankruptcy which us what we wanted and set us up with iva.

Then that company was bought out and the new company us the one we have been having problems with.

When we started we were in privated rented accommodation. The tendency was not renued ( despite ll promising us it would be and us spending hundreds of pounds on the house and garden to get it decent for us and the children) we were ' homeless' for a few months months then given a council flat.

debtfree2016

If they have said they are calling a meeting, they should have gone through and income and expenditure review with you and also sent you paperwork to sign confirming you wish to have the meeting take place. If this has not been sent I would chase ASAP. I'm sure Dennis from National Debtline will also comment.

ninja-stelth-elf

We had a phone call yesterday to say they are calling a meeting they have our previous expenditure forms and have had documents confirming everything that we have coming in. Was told they have 30 days (from yesterday) to have the meeting and it will cost 600 with no assurances of the outcome. ( we have had 3 of these 600 meetings since we started the iva) we have worked out we will have paid back 89p in the £ is this likely to be accepted?

Husband asked what happens if they say no. We were told we would have to wait another 6months before we could revisit what we are paying or apply for a payment break (husband has now been out of work for nearly 5months - although he has made it to a third interview between him and one other candidate :-)

The woman on the phone said she can't advise us to stop paying but it wouldn't make a difference if we paid our monthly contributions or not while we wait for this meeting.

So we have cancelled the direct debit and will put the money away incase do have to pay it.

Its just dragging on and on and on :-(

debtfree2016

When we arranged our meeting for a F&F the cost of this was covered by the IVA company ourselves, we were also told the creditors within the 28 days could ask for more paperwork or on the 28th day ask and by doing so gain another week. We continued to pay until the F&F was accepted. We were also told that if the F&F was not accepted it could be altered eg increase the offer at the time of the meeting. Sorry if you have said who you are with but they sound very shoddy...... I was with PayPlan and they were very helpful. Hopefully National Debtline could advise some more.