lack of CCA while in IVA?

[Ypnos]

Hi all

 

I'm in my 3rd month of an IVA and I'm wondering if I can challenge one of the creditors, who did not provide a credit agreement for 9 months prior to the IVA. Also, the document they did eventually produce was my signed credit card application with what looks like Ts&Cs photocopied to the back of the document (looks very out of place).

 

Thanks in advance

[blueda]

Hi Ypnos, i dont have direct experience of IVA, i do have experience of CCAs, probably be best if you can scan the application up, with your personal details blanked off.

[Ypnos]

HI, thanks for replying. The full story can be found here (including scanned documents):

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/153570-halifax-sent-me-unsigned.html

[brokebutnotbeatn]

I believe an IVA is legally binding on both sides. I would ask the company that organised your IVA for you unless someone comes on here with more certainty.

[IdaInFife]

as you have now entered an IVA i do not see any benefit persuing re cca.

 

what is it that you would hope to acheive doing so?

 

ida x

[Ypnos]

Well, the amount I owe is pretty much around the minimum amount for entering into an IVA and with my current repayment scheme I will have paid off the debt plus I.P. fees in exactly 5 years. The way I see it, Halifax have been charging me interest while they haven't produced a valid credit agreement, which means that since requesting [the credit agreement] I was not bound by their terms and conditions, therefore that interest should not have been charged to me.

 

When I provided the figures for the IVA, I gave the Halifax debt minus what they have been charging me for all these months. Halifax gave their version of what I owe and the I.P. took that as the correct amount (I estimate about £400 more, which is almost 2 monthly payment's worth).

 

If the amount owed is reduced, then I can either reduce monthly payments or (more likely) pay it off sooner. That way I can finally get rid of this noose from around my neck and start living life as normal again.

 

Thanks

[IdaInFife]

someone wll correct me if i am wrong but if you were to cancel a credior that would cancel the whole IVA and you would be back to square one.

 

ida x

[brokebutnotbeatn]

The IVA is legally binding; it is not like a debt managment plan; you can't chop and change. Also, you will only be paying back around 30% (maybe less) of what you 'owe'. Your income is more rigourously monitored than with a DMP. If you've gone down the trouble of this route, which is stressful in itself, I'd let it ride knowing you'll be debt free in 5 years. It's not a question of paying back early, you'd just have to pay back until the time period set. It's also not a question of Full and final. Only 50% of your creditors have to agree to the plan and its then legally binding on the other creditors. If less than 50% agree then you would have been made bankrupt. It's quite stringent. I really would leave well alone now personally. Once a year they'll check your earnings to see if you can pay more into it. They will take 50% of any bonuses you are lucky enough to earn. This would have all been explained to you at the time I'm sure. If you want to query it, you really should go and talk to the people who set it up for you IMHO.

[Ypnos]

Thanks all and thanks brokebutnotbeatn (your monicker describes my life accurately lol). I've taken your advice on board and will follow it by leaving the IVA alone.

 

4 years and 8 months to go!

[brokebutnotbeatn]

you'll be debt free in no time! I can't believe how quickly this year has flown by!