We do feel they have moved the goal posts

[Pcc]

My husband & I are currently i an IVA set up six months ago. We both make separate payments by standing order. No payments have been missed but I am telephoned, at work every month to ask whether I have made a payment and when. Originally we were told we would have to sell our house by year 4 ofthe IVA to give extra funding to the IVA. Now 6 months into the IVA we were telephoned last week by the IVA company asking whether we have sold the house yet and what were we doing about raising the lump sum. We were originally told that if we made our payments regularly on time we would not be troubled. Is there anything we can do to stop this. We do feel they have moved the goal posts. Also with interest rises our mortgage has gone up nearly £100/month since we agreed the IVA, should we be able to get an reduction in our payments to help us meet this extra. (Our mortgage is and always has been up-to date)

[Skippy]

Hi Pcc and welcome to the forum. I can't believe that you are being hassled like this! I would have thought that the company should know when the payments were made as they are being made by standing order. I was in an IVA and while I was making the payments I didn't hear a word. Do you have a case manager that you can speak to?

Regarding selling your house - what does your IVA actually say regarding the timescale for selling it?

I'm not sure where you will stand with the mortgage increases. Again you will need to check the terms of your IVA as to whether your IP can call a variation meeting. I don't know if it would be possible as my IVA had a modification stating that I couldn't have a variation meeting in the first 24 months of the IVA.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[aguise]

Hi
I agree with skippy i cant understand why they are hassling you I also am five months into an iva and have never once been rung by them, as skippy says the mortgage release should be written into your proposal and should be clear as to when it should be remorgaged.

Ang

[DebtDummy]

Imagine! Being harrassed by an IVA company. I thought people who entered into IVAs had to remortgage towards the end of the 60 months,not at the end of the first 12 months. Are the IVA terms changing? Another poster here was told to do the samething. I will look for it and post it here.

As Skip said contact your case manager asap.Read your IVA proposal to see if modifications can be made within the first 24 months. An IP will come along to help you shortly. Also, if you don't mind saying who was the company used for your IVA?

Thank you.

All I have left is my humour.

[DebtDummy]

Found the post. Posted - 18 April 2007 : 15:54:15 post. It was posted by Sadsack and very long. I stand corrected. The IVA can have lump sum within the first year. Makes more sense to have it at the end though because of the the equity increase.

All I have left is my humour.

[MelanieGiles]

Hi pcc and welcome to the forum

First of all your IP cannot move the goalposts! Your IVA is set in tablets of stone and is based upon the proposals you put to creditors at the meeting, with any modifications proposed by creditors and agreed by you.

I do not understand the hassle they are giving you - which firm are you using and why did you choose them to represent you? If your payments are being made regularly by standing order, they should use their own records to check up on you and not phone you directly. This is a sign of internal inefficiency.

With regard to increased mortgage payments, this is going to affect everyone who has a mortgage and is in an IVA. If you genuinely cannot absorb the increase, then you must discuss the possibility of a reduction in payments with your IP, who will be able to call a further meeting of your creditors to consider a revised offer.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jamesfalla]

Hi Pcc

I agree with Melanie. It sounds like your IP is acting extremely unprofessionally. Who calls you? Is it the actual IP or one of their staff? I would be inclined to call them and demand to speak to the IP directly and ask what is going on.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[Pcc]

Thanks for advice. Since I posted original query things have unfortunately moved on. Totally out of the blue I have developed heart problems that could be serious and I may have to give up working, I am 66 years old and have a very high powered job, dealing with finance that I love. What will happen about my IVA. Will they make me bankrupt. I part own our house with my husband, who is also in an IVA. In our original IVA agreement it states that the company will require valuations on the house at the end of years 2 3 and 4. In the original IVA from the current equity in our house we were assessed to pay £16,000 each. If after the early settlement penalty clause on our mortgate is passed if we managed to sell for a higher prive giving us more money in hand will the IVA company take it all?
I have also noticed that adding up my 5 years of payments together with the IVA company's fees I am actually paying back more than the original debt, without interest. Is this likely to be correct because originally they included one of my credit cards twice and aslthough the agreed verbally to correct this they never issued me with a new schedule, also I never received a schedule of what was actually agreed at the meeting despite asking for this a number of times. They latest resuest from the IVA company (Clearstart) is for a certified photo or copy of pasport or driving licence. They did not say why so I telephoned and was told that it was because of the new money laundering act.

[Adam Davies]

Hi
I,m sorry to hear about your health problems.
The maximum that you can pay back is your original debt plus IP fees and possibly interest at 8 percent.
So when you talk of your equity release there will be a lmit to the amount that you will have to pay.
Is your husbands IVA similar to yours in that he will pay back more than the original debt ?
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi again - so sorry to hear about your health problems. Things like this do make you put things into perspective, don't they?

My professional opinion, and others may advise you differently, is that you should get a valuation of your property and a current mortgage redemption statement to see what equity there is available. Given your continuing health problems, it might be better to see if you could offer an early settlement of the IVA's to both sets of creditors by releasing equity from the property now. Your own IP will be able to help with this.

With regard to the request for ID, our professional regulations require us to verify the identity of clients before they are accepted. This may have been overlooked in your case, and I expect the IP is just needing to update his files. Nothing for you to worry about.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk