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 Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32177
Experience:  Over 5 years in practice
Type Your Law Question Here...
Jo C. is online now

I sold my flat to clear my IVA but was horrified to find out

Customer Question

I sold my flat to clear my IVA but was horrified to find out that I was going to pay £9,000.00 to the company who managed my debt. Not only that, the debt seem to have gone higher than the original amount that was supposed to have been negotiated by the then company that I originally dealt with. The original company has been sold 3 times and it looks like to me just a money making situation for them rather than trying to help me. I would very much like some advice on the matter as I have been threatened with bankruptcy unless I turn over the proceeds of the house sale.
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.

Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.

May I ask if you were advised to take out an IVA by this company or someone else please?

Roughly what was the debt that was owed at the start of the IVA and roughly how much will you have paid by the end?

Customer: replied 2 years ago.

My question needed further information and in effect it has not been fully an served yet I have already been charged 38.00. Does it mean I will be charged again ton continue my line of enquiry?

Expert:  Joshua replied 2 years ago.
Good morning. Many thanks for your reply. You are charged a one off fee to ask the question. There is no further charge beyond this. We will often need further information before we can provide you with a full response. Once you are satified you can provide a rating to rate my service to you which saves the thread to your account permanently and you can even return to it in the future should you have any follow up questions which I am also happy to deal with free of further charge. I look forward to hearing from you.
Customer: replied 2 years ago.

My apologies for not getting back to you promptly. I found the letter informing me of the acceptance of My IVA dated 10 October 2011. The total amount owing to the creditors was £44,110.06. The accepted monthly payment was £160.00 with the total payable amount of £9600.00 which included fees of £3363.00. There has been reclaimed PPI payments paid directly to the Insolvency Practitioners to the amount of around £8000.00. When I received an extra income of £270 from a pension fund it increased my monthly repayment to around £370 without any notice. This is well beyond the amount I could afford. I sent the yearly documents that was required but was told that it was never received. I only knew of the increase when I received a letter saying that I was owing the extra amount of unpaid repayments when I called the Practitioner's office. The company is called NFT Financial Solutions. The same supervisors remained throughout though the company name changed from Walter Goldman to Knightsbridge then now NFT Financial Solutions.The Meeting of the creditors In 13 January 2015 put the total approved claim of £28,199.97. Since the sale of my flat I am now asked to pay the full amount plus the supervisors' fees all adding up to £51,000.00! I just cannot understand how in the end I am going to pay much more than the debt whilst the whole exercise was meant to reduce the debt.