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Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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Hi iam in an IVA to clear debt. But iam not very happy with

Customer Question

Hi iam in an IVA to clear debt. But iam not very happy with the company and would like to know where i stand in legal terms. I pay £84 a month towards a loan and credit card. They pay my loan £22 a month and my credit card £2.40. and keep £50 for themselves. Also they took ages to start the plan there for building up interest. Also i think i would have been able to apply for a debt relief order, but this was never given to me as an option.
Submitted: 3 years ago.
Category: Law
Expert:  Max Lowry replied 3 years ago.
Hi, welcome to Just Answer. I will help you with your question. The difficulty is that once you have entered in to an IVA it is rarely flexible and if you decide it's not for you the IVA will fail. This could have serious consequences for you and you should consider whether this is a step you should be taking. It is possible for the Supervisor to move on buts its not possible for you to cancel the agreement. If you wish to stop the IVA and go into a debt management plan for instance the Supervisor must first fail the IVA. Most likely you will continue to owe the full amount of your debts because the money you have already paid him/her will go towards paying the fees of the Supervisor. It is quite common for a chunk of your monthly payment to go towards paying the Supervisor's fees - the IVA itself will give you details of this and how it is worked out. If the iVA fails your creditors could petition for your bankruptcy. Be careful about what move you make. If you are seriously dissatisfied with the the IVA company are able to raise a formal complaint - I'm not sure where this will get you but you still have the choice. Here is a link which will provide more information about this. If the company should have told you about debt management plans (if it believed you fitted the criteria) this will be a failing on its part for which there should be consequences.
http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/individualvoluntaryarrangement.htm

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