I’m in an IVA and want to pay it off 4 years early using a pension windfall. I’ve already asked my IVA company to check with my creditors, but they’re not getting back to me. I owe £6k, which is 48 payments of £125 each. My windfall is £45k, so I can pay it all off now. Any advice? What should I do if they keep ignoring me?
I’ve heard this happens a lot with some IVA companies. They’re quick to sign you up but slow to act later. Have you tried complaining to their regulator?
Noor said:
I’ve heard this happens a lot with some IVA companies. They’re quick to sign you up but slow to act later. Have you tried complaining to their regulator?
No, not yet. Do you know how to go about it?
Noor said:
I’ve heard this happens a lot with some IVA companies. They’re quick to sign you up but slow to act later. Have you tried complaining to their regulator?
Yeah, check out this page: Complain about an insolvency practitioner - GOV.UK. It tells you how to file a complaint with their professional body.
Noor said:
I’ve heard this happens a lot with some IVA companies. They’re quick to sign you up but slow to act later. Have you tried complaining to their regulator?
Thanks! I’ll look into it. Hope this gets resolved soon.
Chen said:
Honestly, at 68 and not needing credit, I’d just push for the £6k as a final settlement. Less hassle for everyone.
That’s what I’m thinking too. Hopefully, they’ll see it reduces their risk.
Nye said:
FYI, they might want more than just the £6k since you’ve got a windfall. Did they tell you about that?
They haven’t said much. Just that I need to pay or it’ll be a breach. Is it normal for them to demand more?
Nye said:
FYI, they might want more than just the £6k since you’ve got a windfall. Did they tell you about that?
Could be. They might want you to pay more into the IVA pot since it’s technically a windfall.
If they’re not responding, maybe send everything in writing. Calls can be a waste of time with these companies.
Baylen said:
If they’re not responding, maybe send everything in writing. Calls can be a waste of time with these companies.
Good point. I’ve mostly emailed so far. Maybe I’ll send a letter too.
Baylen said:
If they’re not responding, maybe send everything in writing. Calls can be a waste of time with these companies.
Yeah, definitely do that. It gives you a paper trail if they keep ignoring you.
Honestly, at 68 and not needing credit, I’d just push for the £6k as a final settlement. Less hassle for everyone.
Do you know if paying off early helps with credit history? Or does it stay there for 6 years either way?
JennyDeepman said:
Do you know if paying off early helps with credit history? Or does it stay there for 6 years either way?
It stays for 6 years, but I’m not worried about credit at my age.
JennyDeepman said:
Do you know if paying off early helps with credit history? Or does it stay there for 6 years either way?
Gotcha. Then yeah, might as well settle and be done with it.