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Advice needed.
Hi.
I'm 4 years into an IVA, biggest mistake of my life.
I'm not proud that I had debts of £26.000 but I've paid back £22.000 of it. I had a big change in circumstances last year and could not afford the payment, informed them, filled out a new expenditure form & they informed me to cancel my Direct Debit which I did........
I was then contacted in December & told that my IVA was going to Variation & someone would be in touch. I've contacted the company several times in the meantime & been told they're waiting for a creditors meeting.
5 months later & I've now had an email saying I'm £960 in arrears & must pay immediately!!!
Please can someone help/advise me as I'm at a loss. I've tried contacting them again & am getting passed from pillar to post.
Thanks in advance.
I'm 4 years into an IVA, biggest mistake of my life.
I'm not proud that I had debts of £26.000 but I've paid back £22.000 of it. I had a big change in circumstances last year and could not afford the payment, informed them, filled out a new expenditure form & they informed me to cancel my Direct Debit which I did........
I was then contacted in December & told that my IVA was going to Variation & someone would be in touch. I've contacted the company several times in the meantime & been told they're waiting for a creditors meeting.
5 months later & I've now had an email saying I'm £960 in arrears & must pay immediately!!!
Please can someone help/advise me as I'm at a loss. I've tried contacting them again & am getting passed from pillar to post.
Thanks in advance.
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Comments
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Yes Unfortunatly your IVA company has not been very good at explaining what happens with missed payments in an IVA.
Whenever you have to reduce your monthly payment, you are still responsible for making up those missing arrears until, or unless, the matter goes to a variation meeting.
Only then, if your new payment proposal is accepted, will you stop being liable for any arrears accumulated.
So you will be liable for the difference between what you should have paid, and what you did pay, for the months they are concerned with.
This is all listed in your IVA protocol paperwork, and they should have informed you of such as well.
I would register a formal complaint with your IP for the lack of communication on their part.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 -
Thank you. What's IP?0
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