Cancelling an IVA application

[Karen.jh]

Hi
I've recently signed up for an IVA with Knightbridge in Manchester and I'm having second thoughts about it. Knightbridge didn't give me enough time to read through the proposal before coming to collect it the following day. I've been told that some of the debts shouldn't have been included in the proposal. I want to cancel this IVA and have written to Knightsbridge to advise them of this as I am now in a better financial position to offer more to my creditors. Can you please advise?

[Shining]

Hi and welcome...have you signed the actual IVA proposal and has a creditors meeting been called?

[MelanieGiles]

Has the IVA been accepted yet Karen? And what debts have you been advised should not have been included in the proposal - all debts need to be included.

I am a great believer in clients having time to consider the proposals in advance - and it doesn't sound as if you have had much interaction with the IP firm as part of the process. Have you actually spoken to your IP at all?

[luluj]

If you have not yet signed your proposal paperwork and simply sent them some paperwork re your debts then hopefully you are not committed and can take some time to reconsider - I would seek other opinions from www.iva.com - there are a host of experts on there including Mel who may be able to offer alternative suggestions.

Give them a call on Monday morning and verbally tell them you wish to withdraw and that a letter is in the post to confirm this.

[Kelly O]

Welcome to the forum Karen

Entering into an IVA is a big decision and one that you should be 100% comfortable with and have complete confidence in the company you are dealing with.

You should have all the time that you need to ask questions and read through your proposal as many times as you need.

You can withdraw any time up-to the creditors meeting so if you are having 2nd thoughts you may want to seek alternative advice

[Karen.jh]

Hi
I thought my reply had been posted - I'll post again.
I have returned the signed proposal - on hindsight without reading it thoroughly as Knightsbridge sent their courier the following day to collect it. The creditors meeting is Tuesday this week. However, I have spoken to a few creditors this week and this afternoon, who advise me that no IVA company has been in touch with them at all. One creditor advised that if I was expecting a meeting on Tuesday, they would have details of the IVA company in their records.

[Wild Rose]

I found that even after the creditors meeting had taken place that some of my creditors hadn't updated my record accordingly. I think it can take a few weeks in some places for the information to filter down to the customers services department etc. Ca you phone your IP first thing tomorrow morning and ask them not to go ahead with the creditors meeting?

[Kelly O]

Often IVA proposals are sent to creditor voting representatives so it is often the case that customer services have no knowledge of the creditors meeting.

If you are having 2nd thoughts it is not too late to seek alternative advice

[MelanieGiles]

You still have time to withdraw your proposals prior to the meeting - and should do if you are in any doubt that you are entering into something which has not been fully explained to you. A little more time now could end a lot of misery in the future if the proposals are not right.

[Shining]

I think Melanie not only offers expert advice there but very good advice to you about withdrawing and giving yourself time to take a look at things rather than going ahead with it. x

[kev59]

I would give mels company a call, have a talk with them and if you sill fell unsure about your 1st company stop your meeting.
knowing how mels company works, I bet they wont mind.