Problems with IVA company?

mrcactus

I've posted on here quite alot over the past couple of months as I wanted as much information about an IVA as possible.

Anyway, my IVA is now 'in full swing' and I've been making my payments on time each month. Also not taken out any loans or spent on credit cards (not that I would be able to now anyway :rotfl: )

I'll get to the point...I was expecting pretty much all contact from my creditors to have stopped by now, apart from those computer generated letters they send along with the default notice and the FCA fact sheet thing. This hasn't been the case as such.

While my IVA was going through/just before the Meeting of Creditors, I emailed or called all of my creditors to explain what was happening. The payday loan companies all put holds on my accounts until they received the confirmation of the IVA. Even a month or so after it was voted for/accepted, I was getting messages saying that my accounts were coming off hold.

When I emailed them back they all said they have received no such paperwork or heard from my IVA company and as far as they were concerned I was not on one and still owe them money. I called my IVA people and they said that it can take up to three months for them to become 'fully aware' that you are enrolled on an IVA and not to worry and just ignore letters (except bailiff ones) and emials etc.

Now today, I had a text message from on of my payday loan companies saying that my account had come off hold and they tried to take a payment from one of my registered cards (linked to a bank account which I no longer use of course) but the payment was declined due to insufficient funds. So I emailed them saying that I am in an IVA and have been for at least 3 months and I also attached a copy of the Chairmans Report as proof.

They responded with:
Please ask your Insolvency Practitioner to contact us in writing (via email or fax) with their authorisation to act on your behalf. We would hope to have heard from them within 60 days and we have placed your loan on hold for that time. During that period, we will not try to contact you or take any payments from you unless you specifically request us to do so. All interest is suspended at this time.

The Insolvency Practitioner can contact us on ******* and should quote your loan reference number which is *******

If we have not received any contact from you or the Insolvency Practitioner within 60 days, we will proceed with collecting your loan repayment according to the following repayment schedule: *******

Now I've had this email from many payday loan companies all saying pretty much the same thing. So when I've called my IP back up they have said that they have all been made aware now that I'm in an IVA and should ignore these.

Whenever I ask to speak to my case handler, she is always conveniently on the phone and they would get her to ring me back....2 days later and I'm still waiting. Has anyone else had similar issues with their IVA company like this?

I'm probably just being paranoid, but why am I doing all the work emailing and calling? Isn't that why I'm paying thousands in fees, for them to do it for me? I know it is 'official' and active as my details are on the Insolvency Register.

Any info would be welcome, thanks alot

sourcrates

Hi,

You don’t need to do anything, you are in an IVA, none of your creditors have any remedy against that.

Ignore there blather, you have 100% legal protection from your creditors, they will of been informed, it can take time to trickle down hill.

Ignore it unless a claim form drops on your doormat, then an IVA is a full defence against any claim.

Craig1981

agreed with the above - however it is a nuisance as you rightly put it

easier said than done, but ignore ignore ignore. payments are now through your IP - let the PDL companies contact them direct - send a ref number and who the IP is, and that is the end of it.

it will calm down soon - if i remember correctly, was about 5-6 months on mine when everything seemed to stop completely.

FYI - you may see or find that the debt is now sold on to debt collection agencies - do not let that be of concern either - this is normal practice. you may also find you get annual statements - again, just for your records only, no action needed

good luck and hope you successful in completion

mrcactus

Thanks for your advice and replies.

I am however still finding that some payday loan companies are adding interest still. One has even asked for a token payment to allow them to put a hold on my account.

I have read that once the IVA is in place, creditors aren't allowed to add interest and the likes of. Does this have anything to do with them saying that they haven't received any paperwork proving my IVA.

I'm really confused. Every time I phone my IP, they just say that all creditors have been notified but can take a while for the right departments to receive paperwork.

mrcactus

sourcrates wrote: »

Hi,

You don’t need to do anything, you are in an IVA, none of your creditors have any remedy against that.

Ignore there blather, you have 100% legal protection from your creditors, they will of been informed, it can take time to trickle down hill.

Ignore it unless a claim form drops on your doormat, then an IVA is a full defence against any claim.

What is a claim form?

PrettyKittyKat

Payday loan companies are not well know for their efficiency (other than when it comes to hounding you for payments) and honesty, so I am not sure you are surprised!

Paperwork needs to trickle through departments and internal processes. Debts may also have been sold on etc. It can take months.

Ultimately you are in a legal arrangement and are protected. They can add all the interest and charges they want, they are not able to chase these additional payments and when they may their claim on the IVA they can only claim the balance due on the day the IVA was accepted. Sometimes their systems just automatically add it etc but it is all just removed when the IVA completes and the debt is written off anyway. Keep forwarding any creditor letters on to your IVA company and tell any companies still contacting you about the IVA and if they want payment they need to make a claim on the IVA. They can check the insolvency register themselves.

I think Sourcrates is referring to a court claim form where a creditor has applied to court for a CCJ. If this happens your IVA company needs to contact them asap.

mrcactus

Thanks PrettyKittyKat. This is all new to me and whilst I know in my head that I am now protected whilst in the IVA, I still feel the need for someone to explain it to me to put my mind at ease if that makes sense....I am a worrier unfortunately haha.

Maybe mine will take longer than the usual 3 months to calm down, as Craig1981 said his took around 5 months or so to calm down. If I had only a couple of creditors it would probably be ok but I had/have 19 different ones and they each word their email replies slightly different.

My IP did tell me that they may ask for token payments when they shouldn't as they try and get you to fail your IVA, not sure how true that is.