Andy would this not need to be explained to them and it's extents at the beginig of the IVA? Otherwise there's no end, in the sense that any modification could be put forward?
Like any fiscal product, I think the risks or modification extents would would have to be expalined. I can tell you as fact that the FOS take this as a bases for all complaints..
So geoff.b I think your next course of action is plain to see, you have nothing to lose by making that call.
As someone who posts about about how great my IVA and IP were in solving my financial problems as a positive to IVAs, the actions of certain companies are changing my attitudes and if a friend took me to one side and said 'I'm in financial trouble any ideas on IVAs/Bankruptcy'
I am close to saying just take the BR route and avoid an IVA now though of course I would have no problem sending them in the direction of the IP company I used.
I'm personally very sad about that change of attitude but the events going on now and I feel for everyone of you that has met your obligations for 5 years and now being treated as some sort of cash cow.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
You can't advertise a 5 year solution and then at the end turn it into a 12 year solution.
Missold - Yes - The next saga......
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I agree as with a 5-6 year IVA plus a 7 year secured loan at same or more than IVA means debt solution takes 12-13 years!!! That is by no means what any of us signed up for!
I hope that this case with DFD proves to be the exception but I am skeptical enough to consider the bleak possiblility that it won't be
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Hope you get everything sorted out Geoff as this seems a very strange thing for your IP to do, the mind boggles, totally agree with Herbekj, after seeing what goes on now with IVA's I wish I would have taken the BR route when advised to do so, I would have been out of the cycle and not facing another 3 years of payments and "what next after PPI saga?" Take care and let us know what happens.
This is something which is going to need someone to take legal advice on and probably a test case in the courts.
Unsecured debt is what ivas are all about. Why anyone would sign up for an iva to get rid of unsecured debt only to replace it with secured debt is beyond me.
The way ivas can be changed as required is pretty scary and rather off putting.
On the other hand why should creditors write off tens of thousands if your debt and leave you sitting on thousands of equity?
This is going to run and run.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
