IVA charges and suitability ?

Worpy1

Hi 
I have found out that my 79 year old mother entered into an IVA in 2019 with a company called Financial Support Systems. The most recent correspondence from them states that as she failed to provide her annual income and expenditure documents to them for review the have convened a meeting of her creditors on 4th April to determine if they are happy for her IVA to continue. 

A fee of £600 is being charged for the supervisor dealing with the variation 

I don't have any experience of IVA's myself so I am just wondering if this sounds about normal ?
She hadn't supplied her bank statements as she couldn't log on to her internet banking and download them not surprising for a 79 year old so I would have expected some leeway from them on this and also the only income she receives is state pension, pension credit and housing so not sure if an IVA was the right choice for her in the first place ??

I am going to contact them regarding all of the above but if anyone has any advice it would be appreciated.

fatbelly

When you wrote that she was 79 I assumed she must be a business owner like Lord Sugar (actually he's younger than that).

For someone on 'state pension, pension credit and housing' - does that mean she is in rented accommodation?

Must be the most ridiculous IVA ever (mis) sold. How much was the debt?

https://debtcamel.co.uk/iva-mis-selling/
https://debtcamel.co.uk/complaint-iva/

sourcrates

There are other ways to deal with debts at that age, depending on how much is owed, simply asking companies to write them off due to affordability issues is one way.

Unfortunately IVA`s are mis-sold on an alarming level, quite often to the people most furthest away from their intended target market.

Originally intended for homeowners with massive debts that could not go bankrupt, due to a lack of proper regulation, every Tom, !!!!!! and Harry jumped on the bandwagon, and started selling them to anyone who would sign up basically, no matter how unsuitable they were, this was mostly due to the fee structure they were allowed to charge, it averages around 3-6k per arrangement, so quite lucrative for those selling them.

Grumpelstiltskin

If this turns out to be as the OP says it wants passing on to someone like Paul Lewis or Rip Off Britain, it is time this was exposed for what it is.