Vanguard iva company

Kennedy8

Can anyone help please. Ive had an iva for 2 and a half years. It started with one company then was taken over by this company vanguard! They have take 6000 pound off me ive paid back 3000 of that to crediters. But they are sending my threatening letters all the time as due to covid im not 200 pound in arrears. My wages have dropped and im really struggling to pay. They are not supporting me at all. Can i leave them and go with another or do i have to live in depression with these people who where all willing to support me at the beginning but now are hounding me for money. Any advise would be really helpful. 

sourcrates

An IVA is a formal insolvency solution, you cannot chop and change things at will, there is a process to follow when you cannot afford the repayments, this process first and foremost involves you communicating this to your IP, your IP then has discretion to lower your payments by up to 15%, if that is not sufficiant, then you must complete a new income/expenditure form, to see what you can afford, then a creditors meeting is usually called to approve it.

Have you been through this process, have you told vanguard of your financial difficulties ?

Also IVA payments don`t work in a conventional way, your payments go into a pot, out of that pot the IP takes their fee, VAT, any interest, or bank charges, or any other fee that requires payment, at various times throughout the arrangement, he will also make payments to creditors from that pot.

They will continue to "hound you for money" until you engage with them, as otherwise your arrangement will fail.

RauHughes

Exactly what Sourcrates said.

On the plus side, Vanguard just made almost all staff redundant and look to be gearing up for a transfer of all existing arrangements to another insolvency practice so you probably won't be with them much longer.

This doesn't change the fact that you should speak to you IP asap about your current difficulties. 

FinanceFerret

RauHughes said:

Exactly what Sourcrates said.

On the plus side, Vanguard just made almost all staff redundant and look to be gearing up for a transfer of all existing arrangements to another insolvency practice so you probably won't be with them much longer.

This doesn't change the fact that you should speak to you IP asap about your current difficulties. 

Letting the real Vanguard know that their trademark is being infringed in the financial services class will probably finish them off too