written by dzHoover3 on 14/07/2015
At first thought this was brilliant, helping me at a time where unforeseen circumstances forced me down this route after all it was my own fault I'd got into debt, after contacting my debtors with no joy I felt had no option but to turn to these people everything seemed ok until another crisis hit our family and couldn't afford the payments £600 per month. Now after termination of IVA our creditors are chasing for their money, all the payments we have made have gone in fees to clear debt and all the PPI payments have gone to Clear debt (one refund could of paid off 50% of my bills) not one penny has been paid off the debts, unfortunately break down of communications has now left me in exactly the same situation I started with my advise to anyone is read the small print it's not as good as you think,
In a. Nutshell your only putting off paying today what WILL need paying
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Cleardebt's Comment
Written on: 17/07/2015
Hi,
I am sorry to hear that you had a change in circumstances meaning that you could not afford to make your payments, however I simply cannot agree with your post.
I don’t wish for anyone to be deterred from looking into an IVA with ClearDebt (or anyone else for that matter) purely because they are worried what might happen if they have a significant change in circumstances. We will always try to work with you to salvage your arrangement wherever possible, whether that entails looking at a payment break for a few months while you get back on your feet, or putting a more formal proposal to your creditors to vary the terms of your IVA to something which is affordable.
For you to state that an IVA is only putting off what needs paying is completely incorrect. In the overwhelming majority of cases, a debtor will successfully comply with the terms of their arrangement and have a large portion of their debt written off by their creditors.
It is only in exceptional circumstances that an IVA would fail and even if such unforeseen circumstances arose, there would clearly be an impact regardless of whether you were in an IVA or not.
If you would like to contact me with your reference number and/or name & address, I will be happy to provide you with a breakdown of what money has been received into your IVA estate, what fees have been paid and any distributions that have been made to your creditors.
Sincerely,
David Mond
CEO
ClearDebt Limited