I have an existing iva and a third party has made an offer to my creditors to pay it off.This offer was made 2 months ago and only now is it with the practioner for review with still at least 6 weeks to go until it is cleared.Meanwhile I am still paying my full payment every month plus extra money from arrears, in effect this Iva is being paid twice as they tell me that whatever I pay will every month will not be refunded when it is settled.This seems very unfair as the money is sitting with a third party waiting to be paid.Where do i stand ???
Hi! You won't pay more than 100p/£ so you don't need to worry about paying your debts twice. If you are struggling to make ongoing payments, your IP May sanction a payment break until the outcome of the variation meeting is known.
If you have a F+F offer ready for them then tell them that for each extra months payment you make this amount will be deducted off the offer.
I did it with mine as while waiting for the variation meeting to see if the offer would be accepted I'd paid 2 more payments so reduced the amount accordingly and there were no problems. I just let them know that this is what the 3rd party was going to do.
Is there any reason why the variation meeting is taking some time to be called? Third party monies are only usually requested at the time the meeting is being called at the earliest.
they just keep telling me it is at the bottom of a pile and we have to wait our turn as it were.they say it wont be heard for at least another 2 weeks and then 30 days after that, a total of about 4 months.I think this is excessive do you?
It does seem quite a while! If there is an urgent need (looming redundancy or something), your IP may be able to prioritise you. Otherwise I don't know what to say...they must just be really busy!
