IVA company requesting permission to call 'meeting' of creditors to discuss uplift.

mochynbach

Helo 
I am 26 months from paying off an arranged IVA.

Having read information on these forums I now realise I've been missold the IVA (my debts were well below £30k, I have no assets to my name (renting as I can't afford to buy). Unfortunately, despite thinking I had thoroughly researched the options, I fell for an agreement that was inappropriate for my circumstances.

Last year my wage was significantly reduced and had to travel more, having informed them they completely ignored my emails and ignored the changes on the total income on the annual review, so my payments were not changed.

I've received an email asking me to consent to a meeting of my creditors to arrange an uplift in their fees due to "increased costs to provide the level of service required"

They state this won't impact me (no rise in monthly payments nor change in length of arrangement), but the creditors will cover the cost.

There's a link in the email to click to consent and "they will do the rest"

I'm just very suspicious considering their previous form and the last thing on the email is as follows "please note, you may be impacted if a change in circumstances allows you to repay your creditors in full"

I hope this makes sense and forgive me if I sound paranoid, but I would really appreciate advice if anyone has experienced something similar, should I click that link?

Thank you

lesleyvhalifax

mochynbach said:

Helo 
I am 26 months from paying off an arranged IVA.

Having read information on these forums I now realise I've been missold the IVA (my debts were well below £30k, I have no assets to my name (renting as I can't afford to buy). Unfortunately, despite thinking I had thoroughly researched the options, I fell for an agreement that was inappropriate for my circumstances.

Last year my wage was significantly reduced and had to travel more, having informed them they completely ignored my emails and ignored the changes on the total income on the annual review, so my payments were not changed.

I've received an email asking me to consent to a meeting of my creditors to arrange an uplift in their fees due to "increased costs to provide the level of service required"

They state this won't impact me (no rise in monthly payments nor change in length of arrangement), but the creditors will cover the cost.

There's a link in the email to click to consent and "they will do the rest"

I'm just very suspicious considering their previous form and the last thing on the email is as follows "please note, you may be impacted if a change in circumstances allows you to repay your creditors in full"

I hope this makes sense and forgive me if I sound paranoid, but I would really appreciate advice if anyone has experienced something similar, should I click that link?

Thank you

I have 9 payments left on my IVA and received the same email cannot wait for 1st june 2024

sourcrates

Your IP can claim certain fees associated with the arrangement and running of your IVA.

These are usually agreed at the start, but I suspect, due to ever increasing costs they want to increase the amount they can take from your pot, so have called a creditors meeting to gain approval.

They are correct, it won`t impact you in any way, they were always going to take their cut from your payments, it just means your creditors will get less pence in the pound return, which is why approval is being sort.

That is a non issue as far as you are concerned, so I would agree to it.

You seem to be a little uncomfortable with your current arrangement, what are you intending to do going forward, stick with it, or allow it to fail and deal with your creditors individually once the dust settles ?