My husband and I were in an IVA for 3 years and we decided last year to go for an early settlement. We remortgaged our house and paid £25000 to the iva company to settle the debt. All fine so far.. after 10 months we hadn't heard anything and not having any previous knowledge of IVA's we were sure what had happened so we called the company only to find that they had not distributed the funds to our creditors and that due to a 'computer fault' they had been unable to release the funds I'm not sure how long this would have gone on if we had not contacted them but it was rectified within a week. Is there anyone I can complain to about this it shows on my credit history as being paid in june 2009 when in fact it was a year earlier. And what about the interest it accrued while it sat there? any advice would be gratefully received
Hi there and welcome to the forum
Which firm are you with? It does seem strange that it took them so long to distrubute your funds, but this is not really an issue for the regulators unless your IVA specifically mentioned the timing of a final dividend payment.
The IVA will stay on your credit file for 6 years from the date of the initial creditors meeting in any case, although I do accept your point that if they had distributed earlier then the file would have been marked earlier.
There is an IVA Mediation Service on this site which has been successful in resolving several complaints recently, so you might like to post details on there and let's see if your IP responds. Worth a try.
Last edited by MelanieGiles on Wed Aug 05, 2009 9:24 pm, edited 1 time in total.
