www.iva.co.uk

Hi, Hope you can help, My 'unblemished' Iva has been transferred from Debtmatters to a company called payplan. The question is they want me to sign various forms for increased fees and admin fees etc to vary the terms of my IVA this Scares me ! What will happen if I don't sign these forms ? am I obligued to sign these forms....Will my IVA fail because of there modifications requesting the creditors to stump up a further 10% in supervisor fees and £500 + vat for admin fees.....Why should they accept this. Hope you can help please this is worrying me to bits.

Hi ali.b and welcome to the forum

You are not obliged to agree to these modifications, however they are unlikely to affect you personally and may even help if you run into trouble into the future with your payments.

At the end of the day it is up to your creditors to determine whether they find the modifications regarding fees acceptable, and you will not be required to pay anything extra as a result.

I suggest that you call the helpline detailed on your letter to have a chat with a member of Payplan's staff who can hopefully reassure you of this process.

have also been with debtmatters and transferred to payplan,I also have a unblemmished payment record and have just signed the forms and sent them back.It is totally up to you what you do.If you dont sign from what i gather nothing will happen,your IVA will continue on its original terms however the new terms they want to put in are to supposed to help you to get varients in you IVA in the future If your IVA gets into trouble as well as put their own fees to the creditors.I signed because alot of the terms that payplan had got in were already in my IVA and I just wanted to carry on with no hassle.
I suggest you read your letter and the terms in great detail and also look on the forum for a post inregards to this subject that alot of people who have different ideas on the subject,Just put payplan&debtmatters into the search tool on this site and you will find it.
Goodluck in your descision
P

ali.b

I was transfered from Debtmatters to Grant Thornton and like you had reservations but after speaking to my case officer who explained things to me - nothing has changed and in my case the modifications appear to benefit me more than the creditors.

If I was you I would sign the papers and carry on paying your monthly payment as though nothing has changed.

One change I like is I can manage my IVA on the internet aas Grant Thornton have a specific web site for those in IVA's

I've gone from DM to GT as well and they are like a breath of fresh air in comparison.

It's I&E time again and they have said that I can put a spreadsheet together and e mail that along with scanned copies of my pay slips and P60. I note that I no longer have to supply three months bank statements which is also fab !

These people sound like they actually have real hearts and not hearts of stone ! In a perverse way, I am looking forward to dealing with them (probably get badly burned for saying that now !!!!) [:p]

I would say that unless you see something in the variations that will work against your interest (which from numerous posts I've seen seems highly unlikely) then there seems little reason to refuse to consent to the changes. That will get your relationship with your new Supervisor off to a decent start and you can leave it to the creditors to decide on the variation.

Ian