Very concerned about someone else taking over my IVA

[Philip.72]

i am in an IVA, in my fourth year. I have paid £14,000 for the PPI and have been told that somebody else is taking over the company and the fees are going up so I am very concerned about this.

[Michael Peoples]

This should not affect you at all unless you are repaying 100% of your debts. If this is the case you have the right to object.

[viperboyz]

Probably Grant Thornton buying it out and your fee's will not go up unless you agree to them going up which will be the first thing they ask you to do.
If your IVA is taken over its at your old terms and conditions which you are entitled to keep, refuse any changes that allow higher fees and removal of fee's cap.

[Philip.72]

before the new company took over it was agreed that i had only 12 more payments to make in to the iva one of which i have paid , can the new company make me go the whole term of the iva. the iva was for £19250 i have paid in at present £26,050 with another £3,350 to go

[MelanieGiles]

Which firm are you currently with Philip, and who is the purchasing IP firm?

[Philip.72]

i was with simple debt solutions , creditfix has bought it out

[MelanieGiles]

Thank you Philip - it does seem that the sale of IVA portfolios will continue into 2014.

[kev59]

if mel's company took over other companys iva. I bet lots of member would jump with joy.

[MelanieGiles]

And Mel would be jumping for joy as well!! But regrettably I do not have access to the sort of funding which is changing hands for some of these portfolios. I never thought I would see the day when insolvency cases became such commodities that they could literally change hands so easily.

[Foggy]

This is the root of many current and developing problems, I fear. We are now commodities to be traded in the name of profit. Those buying up the portfolios are the faceless, uncaring giants who lack the humanity to deal with clients with any compassion.