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Posted: Thu Jun 12, 2014 4:44 pm
by Liz.10
Having being on Iva for 8yrs and paying each month for that long how will I know when to end it. I read about people saying when their one is ending. I do not see the light yet. I use to be with spectrum and after 5yrs they changed it to money village and still paying monthly payment. Please I need help. I want to know what to do.
Posted: Thu Jun 12, 2014 5:04 pm
by Foggy
Hi Liz .. this sounds odd ... most IVA's are for 5 or 6 years ... although they can go on longer. Do you have your original paperwork ? That will detail how many payments are expected. If not, ask your IP for a copy ... and check that it is an IVA and not a debt management plan.
Posted: Thu Jun 12, 2014 7:58 pm
by plasticdaft
Spectrum is a company which has come up a few times on here. Famous for having clients not know they are NOT actually in an iva.
my money is on you being in a dmp without even knowing it.
paul
Posted: Thu Jun 12, 2014 9:58 pm
by MelanieGiles
Are you sure that you are in an IVA, rather than a DMP? An 8 year IVA is quite unusual, especially if you don't know why it is for that period - do you have arrears which you are repaying?
An if you are in an IVA, is your new IP providing you with annual reports - if so what have they been saying about the duration?