IVA transferred to sister company?

mrcactus · 4 February 2019 at 8:01PM

I've posted quite alot to do with my IVA that I've only just started 3 months or so ago. I do try to look on the forums for info before creating a post.

My IVA 'case' has been transfered from Swift Insolvency Solutions to it's apparent sister company Aperture. I called Swift and they did confirm this. I've also had an email which read:

Welcome to Aperture!

I am writing with some exciting news – Aperture Debt Solutions LLP ("Aperture") has recently acquired the IVA portfolio of Swift Insolvency Solutions Limited (“Swift”) and will now be looking after the supervision of your IVA. This follows an agreement between Swift and Aperture and an Order made in the High Court of Justice.

The good news is:

‐ There will be no major changes to your IVA; all the dates, details and terms and conditions of your IVA will remain the same.

‐ We have a great team of experts here, who will work closely with you to ensure that your IVA continues to run smoothly.

‐ I will now act as the Insolvency Practitioner, and will be responsible for, the supervision of your IVA and your recovery from debt.

The great news is:

‐ We have a fantastic set of core values, completely focused on your experience with us and we are always looking for ways to improve our service.

‐ Our main goal is to do everything in our power to help you recover from your debt and we will continue to support you throughout the life of your IVA.

‐ You have access to our Client Portal which you can register for at https://portal.aperturenet.co.uk

We do need to contact you in order to set up a direct debit to ensure that your payments are maintained.

Please call us on 0333 939 7920 and we will be happy to transfer your direct debit. It may be helpful for you to state that you were a Swift client so we can direct your call more quickly.

Until then, welcome to Aperture – Experts in Brighter Futures!

Regards,

Rikki Burton ACA
Licensed Insolvency Practitioner

For Aperture
Water's Edge | Clarendon Dock | Belfast | BT13BH

Licensed by the Information Commissioner's Office Under the Data Protection Act,
Swift Insolvency Solutions Ltd is registered in England & Wales.
Registered Office: 20-22 Wenlock Road, London, England, N1 7GU
Company No. 09779576
Registration Number: ZA143572

I've been unable to get in contact with Aperture as their office is closed at the moment of writing this, but will call them in the morning to speak to them.

Due to overspending I missed the payment due last week on friday, so I called Swift and they said make the payment when I get paid the following friday and there will be no issues. I was worried that the IVA got transferred because I missed a payment? Obviously now I've got to make 2 payments this Feb which isn't a problem.

When I called Swift near the beginning of my IVA, I asked them about the annual review and basically would they scrutinise me on any of my spending. They basically said as long as I make my agreed payments each month, if I chose to spend £500 on clothes each month then I could do so if I wished.

Now I've read mixed replies from other members on this annual review and got the jist that it can vary from IVA company to company as to how much depth they go into with your spending?

I do a few hours overtime each month so my income doesn't drastically change month to month so I think that as long as my P60 matches up with my payslips and bank statements then it should be ok? I take a chunk of cash out on payday and usually spend that on the various things and just leave enough in the bank for the IVA payment and some spare.

Sorry if this is long winded, I worry ALOT about things and particulalry this IVA. This is the first payment I have made late. I don't want my IVA to fail because my spendings don't match my I&E initially set out in the proposal.

Please can someone put my mind at ease :A

Craig1981 · 5 February 2019 at 7:23AM

each annual review with Aperture will ask you for a new I&E, 12 months payslips, other proof of income (child benefit, tax credits etc etc)

I&E change over a course of a year. they will not request bank statements to see where you are spending you money (or at least i was never asked for it)

if your expenses increase by a large margin that previous year, you will need to show how any why... as an example: we moved house one year into our IVA, rent was £200 more, but we justified this by saving on petrol and childcare

for now, i wouldnt be too concerned about anything - make up your missed payment in full (like you plan on doing), and wait for the annual review to come through and take it from there

Sammy33xx · 5 April 2019 at 6:03PM

Hi there
My IVA was also transferred from swift to aperture without any pre warning.
I had the exact same email
I am 9 months into my iva
Do you know when i should submit my i an e information and how the reviews usually go with aperture im so anxious about it

Many thanks

mrcactus · 5 April 2019 at 6:38PM

Sammy33xx wrote: »

Hi there
My IVA was also transferred from swift to aperture without any pre warning.
I had the exact same email
I am 9 months into my iva
Do you know when i should submit my i an e information and how the reviews usually go with aperture im so anxious about it

Many thanks

Hi Sammy.

Mine was transferred 3 months into the IVA. I called Swift to check why and they said that because they (Swift) deal with many different debt solutions they tend to transfer the longer management solutions (in our case, IVA's) over to Aperture who deal mainly with IVA's.

They told me they are their sister company. However, Aperture are impossible to get hold of...in my case anyway. I've been on the phone with them in a queue for 10 mins or so before they just cut you off. They also don't reply to emails or messages on the web platform.

My review is in October this year and I too am anxious about it so really can't shed any light on what to expect sorry. Have you registered with Aperture to use the online thing to track the progress of your IVA?

I've been late paying before and they don't seem to get in contact with you to find out why either, which I thought was strange.

Could you let me know on this thread how your review goes when you have it please? I would like to know what to expect.

Sammy33xx · 5 April 2019 at 7:01PM

Hiya
Of course i will let you know for sure
They never take the payments on time and whenever i check my client portal it says im in arrears which im. Not.
I have updated the i and e form but not submitted yet as not sure how many bank statements to provide also a lot of payments on utilities have gone down so dont really know how that will affect my monthly payment
My partner has also bought a house as we were previously renting but all in his own name im. Not even on the deeds..
But im just hoping that even though our mortgage is 200 pounds cheaper they expect me to pay the difference as my partner is responsible for the mortgage and i pay the bills
Its all such a worry
Thanks for replying

mrcactus · 5 April 2019 at 7:15PM

Sammy33xx wrote: »

Hiya
Of course i will let you know for sure
They never take the payments on time and whenever i check my client portal it says im in arrears which im. Not.
I have updated the i and e form but not submitted yet as not sure how many bank statements to provide also a lot of payments on utilities have gone down so dont really know how that will affect my monthly payment
My partner has also bought a house as we were previously renting but all in his own name im. Not even on the deeds..
But im just hoping that even though our mortgage is 200 pounds cheaper they expect me to pay the difference as my partner is responsible for the mortgage and i pay the bills
Its all such a worry
Thanks for replying

Cool thanks. Did they not make you set up a standing order? They did with me for the 30th of every month.

From what I've read they usually ask for the last 3 months bank statements (mine is in october so think they wold want july,august and september bank statements) and 12 months of payslips along with a P60 to prove that no extra income has been earned. And from what I can gather some IVA companies are different and look at i&e differently.

My concern is similar to yours....when I set my IVA up they started putting things on my i&e that I don't even pay, like pet insurance and travel expenses. So my concern was that they would say "Well you pay us £160 and earn £1000 a month and looking at your bank statements it seems you don't pay travel or pet insurance and you spend £300 on food but you said initially you spend only £150 so we want you to pay more!"

I've been assured by other members on here that they don't look into it too much so don't worry, but until we've actually had the annual review I suppose we wont really know.

As I still live with my parents, I only pay them some rent, so in theory I have a fair bit of disposable income. When I spoke to Swift in the first few months of my IVA, I asked can I spend my extra money on things I want, and he said as long as you pay us £160 you could spend £800 on clothes if you wanted to :eek: So my question is, are they bothered what your money goes on as long as you haven;t earned too much additional income, taken out any more credit and made all IVA payments on time :rotfl:??

It gets a bit confusing as you cant seem to find a definitive answer I find, even off your IVA company themselves.

sourcrates · 6 April 2019 at 12:32PM

Hi,

Can I just expel some myths here.

You are all, most likley, on a standard type of IVA, administered under the IVA protocol, which means they will all be run along similar lines, differant companies have differing methods of administration, but basically they will all be the same.

The purpose of the annual review is not to be keeping tabs on how many Cafe Latte`s your buying at starbucks, but to make sure some rich nigerian uncle is not drip feeding you tens of thousands of pounds every month to enhance your lifestyle.

Its there purely to make sure that what you say is coming and going from your account, actually is, no one is trying to trip you up, you are aloud to have a life.

These are just basic income checks, mine was every 12 months in my case, it may be different in your arrangement, the level of scruteny you percieve to be there, just isn`t, there are millions of people in insolvency arrangements at any one time, you will be lucky if your case warrents the case worker more than an hour of there time every year.

One thing i would suggest, and that is to make your monthly payment by DD and treat it as a priority payment, that way your imagination will not run riot in the wee small hours.;)

mrcactus · 2 September 2019 at 8:07PM

sourcrates wrote: »

Hi,

Can I just expel some myths here.

You are all, most likley, on a standard type of IVA, administered under the IVA protocol, which means they will all be run along similar lines, differant companies have differing methods of administration, but basically they will all be the same.

The purpose of the annual review is not to be keeping tabs on how many Cafe Latte`s your buying at starbucks, but to make sure some rich nigerian uncle is not drip feeding you tens of thousands of pounds every month to enhance your lifestyle.

Its there purely to make sure that what you say is coming and going from your account, actually is, no one is trying to trip you up, you are aloud to have a life.

These are just basic income checks, mine was every 12 months in my case, it may be different in your arrangement, the level of scruteny you percieve to be there, just isn`t, there are millions of people in insolvency arrangements at any one time, you will be lucky if your case warrents the case worker more than an hour of there time every year.

One thing i would suggest, and that is to make your monthly payment by DD and treat it as a priority payment, that way your imagination will not run riot in the wee small hours.;)

Maybe I am being paranoid, but yes I can see what you mean by checking there is no 'extra money' going into my account from someone.

The IVA company I am with (Aperture) want latest bank statement, which I'm presuming would be Septembers as my review is due in October?

They also want a p60 which would be Apr 2018-Apr 2019, and latest 3 months payslips.

My concern would be when they look at my bank statement and say you've spent £400 in Asda on groceries, which is £200 more than on your I&E form. Whilst I have not got any loans, credit cards, finance etc during so far whilst on my IVA....I'm completely panicking they going to fail it for some reason.

I quit my job a few months ago but didn't like it so went back to my original job and I'm worried they'll pick up on a slight increase in pay whilst I got paid what they owed me from my old job but then got paid from my new job (if that makes sense?)

All the I&E review is done online with Aperture and they want to know if anything has changed before I submit my supporting documents. My income is still the same and the outgoings are still the same amount, with little if any left. So I'm not lying with how much I'm earning, it's just what I'm spending it on is completly different to what's on my I&E form.

So for example, when setting up my IVA, they put down that I spend £140 odd on travel, which I don't spend any on travel at all. When I said this to them they said we have to put it down as an expense to make your proposal look more attractive when showing it to the creditors for voting. So, will they look at my bank statement and say "where is the £140 on travel you say you pay?".

I take out the majority of my money from the cashpoint and leave usually enough in there for my phone bill, netflix, IVA payment and a few other subscriptions. I'm so worried and confused...and if it fails for whatever reason then I don't know what I'm going to do

mwarby · 2 September 2019 at 8:21PM

I'd doubt they pay much attention to Asda, now had you started spending large amounts on gambling, expensive holidays etc say they might start to look into how you can afford that

mrcactus · 2 September 2019 at 8:42PM

mwarby wrote: »

I'd doubt they pay much attention to Asda, now had you started spending large amounts on gambling, expensive holidays etc say they might start to look into how you can afford that

So, if I get paid say £1000, leave £200 in there for phone, netflix and Iva payment and take out £800 over the course of a few days...will they see this as suspicious?

sourcrates · 2 September 2019 at 9:16PM

Blimey, it’s taken you nearly 5 months to reply lol, been busy have we ?

IVA transferred to sister company?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free