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Iva
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Hi I have been on iva for a year. Personally I feel I was pressured into taking it as the bloke on the phone seemed to want to make commission on selling me the iva. I not happy with the company .theed is no communication with the company at all and funny there is no record of my payments going to my creditors. Is this correct .
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Comments
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Hi,
With an IVA there is no real need for communication with your IP unless something changes, disbursements are made to your creditors at certain intervals during your arrangement, it is not something that is paid to them on a monthly basis.
This should all have been explained to you at the start.
Out of curiosity, how much debt did you have at the outset ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Nellydog payments (distributions) are made to your creditors when there is a balance worth sending. Typically most IVAs don't send payments in the first year as they take their nominee fee from initial payments. Then it just depends on the company as to how often they are sent. This is all inline with the IVAs terms and conditions and not something you need to worry about - it won't affect whether your IVA completes successfully or not.
Do you now feel that the IVA was/is not the best option for you? Why?0 -
Give us some perspective.
How much did you owe, what were your repayments, interest rates, and was your balances going down each month....and how much are you paying into the IVA?0 -
Which company did you go with?0
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