I was like some advice on IVA companies as im not convinced they are there to help.
I went into an IVA in 2009 and was paying 240 per month. I have a lot of creditors for small debts but over £15k. I had a few problems, and subsequently missed payments. I defaulted and was given notice of breech.
Throughout my time with this company, I did not feel that they were monitoring my situation correctly or cared whether or not I made payments. I’m 28 and in my final year of University. When I lost my job in September 2011, I considered bankruptcy; this was after a debt came through the door for an old car loan that was now £11,000.
I consulted My IVA Company and they had no problem with directing me down the bankruptcy route. Thankfully, after filling out all the forms I did not go ahead. This was largely down to pleading with my new debt company to reduce my amount. I got a big discount and told to pay back £1200 by the end of February 2012.
I have many new debts (mainly payday loans) which have been difficult to sort out but now I have a Job I’m starting to pay things back.
I have recently updated my credit report and have noticed that debts included in the IVA were settled or satisfied. Which is very strange because my company said they were in dialogue with all my debts and had balances outstanding?
Upon finding out my payments of almost £4000 have just been swallowed up for their so called fees.
I would like to know, if I have a case to get this money back, as it is clear that they were not in contact with these companies, nor knew anything about my credit report status.
Has your IVA been defaulted or did it continue after the notice of breach?
I'm afraid that the IVA company does charge fees and these do come out before payments to creditors.
You won't be able to get this money back at all.
Which company are you/were you with?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
My IVA contiuned after the breech. When I changed jobs with more money they agreed to continue with hogher payments but they never got back to me. When I called them, they did not seem clear at all. Hartington Brooks is the company name.
I knew about their fees but clearly they never knew about my satified debts, so they were including these debts in repayment figures.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
dbarton - you may find although the orginally company has written off the debts - they may have sold them on to another company - only time will tell whether these companies contact you asking for money.
Why would your IVA company know anything about you credit report?
You may also find the IVA will continue to show (often hidden in diffrent sections) for up to six years.
You do need to check all your three credit reports for a full picture of you credit status
Last edited by ginger3232 on Sat Feb 11, 2012 5:43 pm, edited 1 time in total.
Agree with ginger and it is unlikely that your IP company would know about you credit report. They have no reason to look at it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
