Moderators: TalbotWoods, JaneClack
Pleasse let us know what happens as they cannot fail your IVA if you have complied but why have you continued to pay since last September without getting some clarification if it should have finished then?
Want to talk to someone confidentially, without obligation and free of charge?
However... you mention that you have contacted your IP - but do you really mean just your IVA Company or the real licensed Insolvency Practitioner i.e. the actual person? If it's just the IVA Company so far, it sounds essential to contact your actual IP; the IVA Co. may put up a smokescreen and pretend there's a problem in contacting him/her directly (especially if they are in difficulties themselves?), but you will be paying your IP several thousand pounds from your IVA fees and you have every right to talk to them. I found my IP to be an extremely helpful man - but luckily my IVA Co was fine too...
In reality it is only the IP (and his dealings with your creditors, of course) that finally decides about your IVA success or failure, when to call variation meetings etc., not the IVA company. As Sarah says, there is something very dodgy sounding here... from what you say you have satisfied your IVA in every respect except actually completing your mortgage - and this only because your IVA Co has been non-responsive (and then blaming you!). Make sure your IP is fully aware of all this at least.
Unfortunately, as we all know, since last June mortgage providers have become much more choosy and your chance of rearranging the final equity payment is much less now (at a realistic interest rate anyway). As you are continuing to pay, you may be able to arrange to carry on and substitute one year's extra payments instead - although the chance of getting your IVA Co to do anything towards this does not seem good at present! There was a clause in my IVA (and I've heard others say this here) that if you are able to show that you have properly tried - but failed - to raise a mortgage for your equity payment x times (mine was 3 times), then your IVA will be deemed not to have failed on that point, (There wasn't even a mention of substituting extra payments in my clause - didn't apply to me as a couple of years ago things were much easier!) Do you know what it says in your original proposal document on this point? As you say, as you actually had an offer letter you would be on pretty strong ground here, I'd have thought!
Again, I'd recommend you talking directly to your IP if you are not doing so.
Keep in touch, please - and best of luck!
What should have happened when you had your mortgage offer, was that your IVA Co (in conjunction with your IP) would have checked the amount your new mortgage and given approval (ie in my case, my mortgage Co needed proof that this sum was actually being paid into my IVA account - and I arranged for my solicitors to act as a "legal go between" dealing with the Mort. Co and my IP). Your IVA Co should have then arranged for transfer of your equity release into your IVA account and informed your IP that your IVA fund was now complete, as far as they were concerned. The IP would check the fund, then inform the creditors, ensure all claims for payments were received and then distribute the funds amongst your creds after subtracting his fees. And that would have been it! (Oh, plus the certificate of completion and tremendous smile on your face!)
You definitely should find out who your IP is and talk to them asap. IPs are Government licensed practitioners with far more at stake in this sort of case than the average IVA Co. Bear in mind that he/she would generally be very busy, no doubt dealing with multiple IVA Cos and many IVAs, so maybe yours has slipped through his/her net, especially if your IVA Co has been putting a smokescreen in the way saying that you have been non-responsive.
I'm afraid it's going to take a bit of work yet and please come back here for support and, if necessary, more practical help if you still can't get through to your IP...
Oh... and good luck
I think you did the right thing in continuing (because it shows no lack of responsibility on your part). The only thing you perhaps should have done is insist on involving your IP directly, so that's what I recommend you do straight away (when you find who he/she is!).
It certainly sounds like you have some sort of case against your IVA Co: hopefully someone more expert in these matters here will advise on that. But the main thing at the moment is to get your IVA back on track and completed. I think only your actual IP can help to do that now, given the reprehensible performance of your IVA Co to date!
You say about waiting until the end of the week before doing anything... I say, "why wait"? I think you really need to get moving on this: time is not on your side now you have a letter about failure!
Once you do eventually get to talk to your IP ther'd be no harm in letting him talk to your brokers - that may be the only proof you need about trying to comply with your IVA agreement. (My IP and my broker talked on several occasions, so I don't think that it's an unusual thing to do (but I did have an unusually good IP it seems!)
So, to sum up, getting to talk to your IP asap is still crucial to sorting all this out, I think.
During my BR everything went recorded even if it meant I couldnt afford my cuppa soup!
Are they suggesting that they will be able to offer you a mortgage (from who, really?).
All this has a very bad smell about it. It may be worth writing to your IP(s) asap (recorded delivery) and asking for a phone call as a matter of urgency. You are getting nowhere with the front desk staff.
Your IPs (why you have two is anyones guess!) are licensed and regulated by the Secretary of State for Trade and Industry and as such have to conform to rules of fair play etc, which doesn't appear to be happening in your case. (To be fair to them, they might not know anything about your problems and correspondence with the IVA Company, who might be keeping them in the dark as much as you.)
Another independent debt professional (especially via an independent body like the CAB, so there would be less "closed ranks" effect) may be able to get through the IVA Company smokescreen and work out what is really going on and ensure fair play according to IP rules...
Worth a try?
An alternative to the CAB (eg if their debt counsellors are really busy) might be going to another IP directly (some do advertise their services directly to the public: there's a couple I've noticed in our nearby city). That is likely to cost, of course, but I think a first consultation might be free and may shed some light on what to do.
I've run out of ideas for now, but please - to any expert here - chip in!
Users browsing this forum: Bing [Bot], Exabot [Bot] and 1 guest