www.iva.co.uk

Hi There,
I have recieved a letter today from Wilson and phillips (this is the company my iva is with) and they advised me that as from October 2008 my creditors may contact me but not to worry about it as they are not demanding money it will just be a update? I am a little confused and not very happy I thought long gone were the days when I were recieveing letters through the post from the likes of Goldfish, Virgin, Tesco loan company?
has anyone else recieved this kind of letter?
Thanks
Suze

Hi Suze,

I've never had a letter from my IVA company telling me that my creditors may contact me for an update. I'd contact your IP direct and ask what is going on. I've always been under the impression that once you're in an IVA your creditors can't touch you. Isn't that why we pay our IP's so much money? To deal with our creditors for us????

Hope you get it sorted hun.

H

Will try and get an explanation for you on this as I am bewildered!

I was told that creditors may send me statements to comply with some new regulation, but have never actually received anything. Maybe that is what your letter is referring to?

Bang on MP1965.

I spoke to David Bottomley of Wilson Philips who stated the following:

Yes, the changes to the Consumer Credit Act meant that a lot of creditors now say they are obliged by law to send out annual statements to clients even if they are subject to an IVA.

We had a lot of concerned clients who had not had any creditor correspondence since their IVA started and suddenly started to receive statements and felt they were being chased for payment again.

We therefore advised clients that they may receive such statements and not to be concerned.

Hope that this clarifies for all.

The only contact you should get, is a standard letter telling you they have either sold your debt on, or just to acknowledge the fact you are in an IVA. I wouldn't read too much into this.

Exactly the same type of letter I got.
Something about new regulations meaning they are required to send you statements.
I have already had one from Natwest.

Does the statement actually show anything coming off the balance due to IVA contributions?

I doubt if they will - especially if you are only in your first year of an IVA. Your contributions mostly go to paying the IP's fees.

At least you know that you can ignore them when they arrive.

Having said that, we've never had any.

As David M says it is the norm. I recd a letter from Alliance and Leics in my fourth year. They said it was due to new laws so just forwarded it to my Supervisor

Thanks for responding I feel a bit better now - just got a bit worried about the thought of being chased again.

Thanks Everyone - I don't get on the forum much but when I do everyone is always so helpful x