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Posted: Tue Sep 02, 2008 5:51 pm
by john.jk
Good Evening Forum !
Should i stii be getting credit card bills from my creditors now i have my IVA up and running since 25th July and should they still keep adding intrest and late payment charges and over limit charges to the accounts ??[:)]
Posted: Tue Sep 02, 2008 6:16 pm
by MelanieGiles
No - but sometimes it takes ages for the computer generated stuff to stop churning through.
Posted: Fri Feb 13, 2009 11:11 pm
by n958g
I've still been getting things through, but it is so much better knowing that everying is in hand for a change!
Posted: Fri Feb 13, 2009 11:20 pm
by Julie
It does take a while - either shred the letters or send them to your IP. As Melanie says, they're computer generated so don't lose any sleep over them.
Posted: Sat Feb 14, 2009 9:31 am
by kallis3
The interest and charges will have to be taken back off as the companies can no longer put these on.
You could send your letters off to your IP, they can always phone the companies and repeat that you are in an IVA.
Posted: Sat Feb 14, 2009 9:41 am
by MrsKnight
It took ages for one of our creditors to stop sending us stuff - but like the others have said dont worry as you are protected from day 1 of your IVA.
One thing I might point out to others - this creditor whom took the longest to stop, was our loan which we took out together.
As our IVA is a joint one they had updated their system for my husband - but did not update me. So they where still chasing me for it - I sent the letters into my IVA Company & it eventually stopped. I should of spotted it earlier too as the letters spotted being made out to both of us - 2 just me!
Posted: Sat Feb 14, 2009 9:44 am
by MrsKnight
I am having a bad typing day today! -So if anything that I type does not make any sense - sorry!
Posted: Sat Feb 14, 2009 10:50 am
by wen
It was my understanding that creditors could still add on interest as in theory the iva could fail and they could then persue for a higher figure. Of course if the IVA is completed then it doesn't matter how much more interest is added on.
Posted: Sat Feb 14, 2009 10:52 am
by kallis3
I think they would only add it on if the IVA failed. I don't think they can do it while it's up and running.
Of course I could be wrong!
Posted: Sat Feb 14, 2009 10:59 am
by kallis3
This is from another website:
An Individual Voluntary Arrangement (or IVA) is an official debt repayment plan that includes the freezing of interest, reduction in the total amount of debt owing, and legal protection from creditors as long as the terms of the IVA are adhered to.