Iva

edited 30 November -1 at 1:00AM in IVA & DRO
4 replies 559 views
NellydogNellydog Forumite
1 Post
edited 30 November -1 at 1:00AM in IVA & DRO
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 .

Replies

  • sourcratessourcrates Forumite, Board Guide
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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 ?
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  • edited 28 December 2019 at 12:02AM
    PrettyKittyKatPrettyKittyKat Forumite
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    edited 28 December 2019 at 12:02AM
    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?
  • foxy-stoatfoxy-stoat Forumite
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    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?
  • Which company did you go with?
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