If you allow your IVA to fail due to an unreasonable IP (loss of £100 earnings and no action taken to reduce payments and loss of evidence of reduction) and you arrange another IVA do you start back at year 1?
Yes - I am quite often asked to represent proposals for people who for good reasons have seen their IVAs fail. What a shame you could not have arranged a reduction in payments, as you will have to start from scratch again I am afraid.
Before you allow it to fail, make sure you exhaust all avenues through their complaints procedure, taking it higher if necessary not sure but there must be the equivalent of the Financial Ombudsmen for IPs where you can take a complaint if your unsatisfied with their final response.
Starting back at Year 1 I would have thought would be your very last resort.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
We are actually also beholden to the Financial Ombudsman, but the IP's own regulator is probably the best port of call if a formal complaint is necessary.
You would need to verify with creditors exactly how much is outstanding, because due to the failure of the first IVA they have the right to charge full interest payable during the term of the IVA and to date.
Hi Susie1 welcome to the forum. Sorry to read the proboems you are having with your current IVA - it seems very unreasonable that not reduction in payment has been given in light of the large reduction in income £100 is a lot of money to lose in a month. I hope you can find a resolution with your current IP - no good IP would want either a client to suffer or an IVA to fail for such a resona if there is a way around it.
If you can't get anywhere and you have exhausted all routes then another IVA could be possible - I am not sure how long into your IVa you currently are - hopefully much nearer the beginning than the end. Please keep us posted how you get on.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Have you had a response from the IP or the office staff? When my rent went up by £100pm the person on the phone wouldn't allow a reduction in payments but come my annual review, my payments were adjusted accordingly.
Hi Susie, I honestly think if you say who you are with on this forum things might suddenly become a lot clearer for you and may start to get better, without having to resort to another IVA. Just post help as the title and the name of the firm you are with and brief details and if there is an expert from that company on this forum they will probably contact you to get a resolution. Best wishes (I can appreciate your reluctance to do this but if you are considering starting again totally from scratch you have nothing to loose and you do not have to give all personal details on this forum you can do it separately by email to the companies representative) Go on, give it a try?
hugs
Oscar
x
oscar
x
need to smile today? go on check out my blogs - I'll add to them regularly
Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
Do speak to your IP Susie and hopefully they can help you.
Personal details aren't allowed to be posted on the forum but the experts can be contacted via the 'Ask a Question' link on the left hand side of of the page
Do talk to your IP as others say as that is the key, ask for a telephone appointment with him/her if they're not at the end of the phone when you ring.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
