Iva wanting more money than was agreed

Beckat

Hi, 
my iva was supposed to end in sept - that’s when the terms ended and my payments stopped. 

In December I was told they hadn’t updated my info in 2 years and as a result I owed them £1717. I did send them annual reviews but they didn’t update. Never did they get in touch to say they hadn’t received this info. 

My Total debt was £5115 and the Iva brought that down to £4800. 

I have complained and now moved onto the insolvency service. 

I just want to ask though, are they allowed to request £1400 more than what my initial debt was? Nothing in the t&c’s of my contact says they can. They want me to pay a lump sum or fail the Iva and start again. 

sourcrates

You took an IVA for 5k of debt ? it appears you were very badly advised there.

What you have to understand is that all IVA`s attract fee`s, so your monthly payments reflect this, fee`s can be high, many thousands of pounds, that`s why IVA`s are not suitable for small debts.

This should have been explained to you before you signed on the dotted line, there are also other fee`s and interest that are added, and you are liable for, these arrangements are sometimes sold to people when they are not really suitable.

Beckat

I was only 22 and it was an ex partners debt. I didn’t really know what I was doing. I agree in hindsight I was badly advised. 

I just think surely it was their responsibility to update my information when required - I sent my info and never missed a payment. To say I now owe them money because they didn’t do their job seems really unfair. 

sourcrates

Unfortunately there are a lot of cowboy companies in the IVA business, as you have discovered.
Info here on how to complain -

How to complain about an IVA (debtcamel.co.uk)