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dmazza301
Just Joined

2 Posts

Posted - 21 May 2020 :  12:59:22  Show Profile  Reply with Quote
Hi, new posting here but need some urgent advice.
I am in the process of setting up an IVA with (*firm name removed by admin*)- creditors meeting due 4th June.
however upon originally signing up for an IVA and having my proposal through (which I stupidly signed as I was panicking) they have lied regarding my income, I receive a payment from a family member each month and I receive UC as I've been suffering with my mental health and currently in therapy and getting a new job... BUT they have put down my payment from family as my full time income, and when it comes to the annual review they will want to see wage slips and a p60 and I won't have any of it unless I get my new job in time, they have also put my rent and all monthly bills like electric etc as one monthly payment and then spread the payments that would of gone down separately against my housing costs over my expenditure ...
would the best time to cancel be now before my creditors meeting? because they are the ones who lied and told me to go along with it so I could get the Iva and now its making my mental health crazy because im worrying more, or do I contact them and be honest about them lying etc? someone please help
thans

IVA Adviser
IVA Expert



805 Posts

Posted - 21 May 2020 :  16:18:37  Show Profile  Reply with Quote
Hi dmazza301.

I hope you don't mind, but I've made two small edits to your post. I've removed the firm's name as there is a serious allegation related to dishonesty in your post.

It's an incredibly bad sign if a firm is basing an IVA around a false income and expenditure record. They'll be supervising your financial affairs for five years or more, so you might conclude you deserve better professional standards.

I'm also struggling to understand the advice to use an IVA if you aren't working. Do you own any assets of significant value, like a house or car? If not it seems likely that there will be much quicker and cheaper ways to clear your debts than an IVA.

You'll need to move pretty quickly if you want to stop the IVA process with this firm going ahead and get the creditors meeting cancelled.

I'd suggest you also get debt advice from another source to check whether an IVA is suitable and whether other better options exist for you.


I am a professionally qualified debt adviser. To contact me about starting a IVA please:?Š      
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dmazza301
Just Joined

2 Posts

Posted - 21 May 2020 :  17:42:19  Show Profile  Reply with Quote
I have actually been to Payplan as well who advised an IVA but step change suggested a DMP
With regards to cancellation do I just need to email them and advise I want to cancel.
I was considering putting a complaint in against them as they have just told me to lie basically to get the IVA and then put all my standard bills in my monthly expenditure for hairdressing etc
Yes I do have a car but this isnít included anyway as I need it to care for a family member
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IVA Adviser
IVA Expert



805 Posts

Posted - 22 May 2020 :  09:45:18  Show Profile  Reply with Quote
Hi dmazza301,

In terms of cancelling, if that's what you want to do, I'd suggest calling them to confirm their agreement and putting your instruction in writing so that you have a record.

How much were you expecting to pay into your IVA each month?

How much debt do you have?

How much do you estimate your car is worth?

This information (if you choose to share it) will help us to consider the options that you have.


I am a professionally qualified debt adviser. To contact me about starting a IVA please:?Š      
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