How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Max Lowry Your Own Question
Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
Type Your Law Question Here...
Max Lowry is online now

We have an IVA which finishes next year. The company managing

This answer was rated:

We have an IVA which finishes next year. The company managing this have been applying more and more pressure for us to pay more. In August they claimed I had not declared a years Daley so wanted £13000. This was not the case so they dropped this path. Instead our monthly fees are now over £1000 . Today we got a letter telling us that they now expect us to remortgage our house or take out a loan to pay off the creditors. Is this accepted practice?
Hi, welcome to the site. My name is ***** ***** I will help you with your question. This certainly does not sound right.
Your IVA proposals which have been approved by your creditors. It sets out your obligations under the IVA.
You should not be asked to pay extra money or remortgage your house etc.. unless you have defaulted on your obligations or you have come into a lump sum of money as this could unlimatey effect the amounts which your creditors agreed to accept.
May I suggest you do this? First write to the Supervisor and complain about what you being asked to do. Keep a written record of your communications. Also complain about the debt management company itself.
You can then complain to the Financial Conduct Authority. The FCA gives out rules and guidance to debt management companies and these companies are expected to give you the best advice that's appropriate to your financial circumstances. All debt management companies must be FCA authorised.
You must show the FCA that you have complained first to the debt management company.
I hope this helps.
Max Lowry and other Law Specialists are ready to help you