Paying into an IVA for 18months yet just found out the creditors haven't received a £

Hlink88

Hi,

Wondering if anyone has some advice. I've been paying £200 a month for the last 18months into an IVA. I had received letters from creditors in the post stating I still owe money. Having phoned the creditors to complain that they shouldn't contact me I've learnt that they haven't received a penny from my IVA company. Is this right? I'm away I have to pay fee's but in my contract my fee is no more than £1500. So after paying £3600 why has nobody received my money? 😔 Thanks for any advice you have

memberme

Depends on the company etc. My IVA payments didn't start reaching the creditors for around the same time though so don't worry. You could forward them to your IP but i wouldn't worry at this stage. the creditors should not be contacting you for money although they will continue to copy you into statements.

mwarby

Its also worth bearing in mind that the frontline staff at some creditors might not see any payments being made, as they might be using an external company to manage the IVA(its very common for the creditor to appoint another company to vote on IVAs)

In any case when and how much the creditors receive will have very little impact on your IVA, it will end either with passage of time, paying 100% of debts, some other settlement or it'll fail. None of these outcomes rely upon the creditors receiving payments and them showing on your account