Varden Nuttall, a mid-size Individual Voluntary Arrangement (IVA) firm, was placed into administration on 24 March 2016.
The administrators discovered that £9million was missing from the client account and evidence of fraudulent practices by Philip Nuttall, one of the insolvency practitioners and a director of Varden Nuttall Limited,
In October 2018, Philip Nuttall was found to be in dishonest breach of his duties as former supervisor of the IVAs in the High Court. The judge concluded that Mr Nuttall:
acted dishonestly as supervisor by enhancing the fees obtained from the insolvency cases in entering into secret commission agreements with third party services providers, and that he was also negligent in respect of his financial management of the Company and its affairs.
David Clements from Harrisons Business Recovery and Insolvency said:
What is particularly saddening about this case is that vulnerable individuals, who were facing difficult debt management situations, turned to Varden Nuttall for help and advice. They trusted that these professionals, would help and manage their situation. Instead they have found themselves caught up in a situation not of their making. The actions of Mr Nuttall have quite simply been a betrayal of the trust that they have shown and this is before any consideration is given to the vast amount of monies that have been dishonestly extracted from the IVA cases and, in turn, lost by the creditors in the IVAs as a result of the dishonest schemes and arrangements that have been entered into by, or upon the instruction of, Mr Nuttall.
In July 2019, the Insolvency Service barred Nuttall for 9 years and Varden for 7 years from acting as a director saying:
Philip Nuttall and Darren Varden abused the trust of their clients, people suffering with debt problems, by failing to adequately oversee the company’s financial transactions. That alone would have justified their disqualifications in this case but they compounded the issue when they used a convoluted trust scheme to repay loans that would otherwise have been assets in the administration.
The rest of this article shows how the story developed.
Varden Nuttall were the twelfth largest in the 2015 IVA League Table when they took on 765 new IVAs. From the Statement of Administrator’s Proposals on 3rd June 2016, the firm has about 2,500 IVA customers. They also had about 300 Trust Deeds (a Scottish form of insolvency) and few bankruptcy cases. The Administrators consider that it will not be possible to rescue the company as a going concern “given the extent of operational issues and the insolvent financial position.”
An unusual situation
Insolvency Practitioners are supposed to be good at handling money! I don’t remember the last time an IVA firm went into administration.
When I heard about the administration I assumed that most or all of their IVA clients would be transferred to a different IVA firm, probably quite quickly. This would mean the administrators didn’t have to deal with thousands of clients and “selling the book” to a different firm would also raise some cash.
This hasn’t happened. The Administrator’s Statement says that “the company has no tangible assets other than the portfolio of personal insolvency cases which the Administrators currently envisage trading to a conclusion rather than marketing it for sale on the basis that this is in the best interests of creditors as a whole.”
There are a lot of rumours about why the book of clients hasn’t been sold, some of them contradictory. I thought it would be worth looking at what is happening, and to suggest some questions which people with Varden Nuttall IVAs may want to ask.
But first let’s look at how IVA clients should be protected against problems at their IVA firm.
Insolvency Practitioner Bond
Every Insolvency Practitioner (IP) has to have insurance against any misuse of client money which is usually referred to as a Bond, see this Insolvency Service description:
“An insolvency practitioner is not qualified to act in relation to a company or individual unless there is in force security (a bond).”
The Bond covers the estimated value of assets to be received in the IVA and the value has to be kept up to date. Each month an IP creates a schedule of new IVAs and any significant new assets that are expected to be realised (if for example you inherited some money which has to be paid into your IVA, or if a PPI refund is being paid) and sends this schedule, called a “Bordereau”, to the insurance company. If you look at the details of your IVA’s fees, you are likely to see a reference to insurance or bond or bordereau costs.
If there was some sort of fraud which resulted in client money going missing, the Insolvency Service says:
“The beneficiary of the bond is the insolvency practitioner’s authorising body on behalf of the creditors of the defrauded estate. In practice the authorising body generally assigns the benefit of the bond to another insolvency practitioner who is appointed office-holder in place of the practitioner whose bond is the subject of a claim and pursues a claim against the bond on behalf of creditors.”
So the insurance should pay out, replacing the missing money, the creditors get the correct amount and there are no problems for the IVA clients.
Change of IP
On 10th May 2016, Phil Nuttall was removed as the IP for all Varden Nuttall IVA cases, see The Gazette entry.
UPDATE on February 1st 2017 the Insolvency Service announced Phil Nuttall’s IP licence had been removed. The report mentions that £6 million is missing. There has been no indication that this will cause any problems (apart from delays) for people with Varden Nuttall IVAs.
The newly appointed IPs are from the two firms appointed as administrators. This suggests to me that the administrators aren’t expecting to sell the client book to another IVA firm very soon.
Administrator tries to close some IVAs
It is likely that Varden Nuttall has several hundred people who have made their last IVA payment and are waiting for their completion certificate.
The administrators are trying to close some of the cases where the client has made the last payment. The administrators asked the High Court on the 18th May to determine that where a client has complied with the terms of their IVA and made all the relevant payments, a completion certificate could be issued. But the judge wanted the creditors to have been given notice of the hearing and have the chance to put their views forward:
“The main thrust of his concerns was based on bringing the IVAs to an end which might have adverse consequences for the creditors who are still to be paid and may wish to keep them open.”
A new hearing was then held on 8th July. The following was added to the Varden Nuttall Website on 18th August:
As regards the issuing of completion certificates the Joint Supervisors are pleased to advise that at the hearing before HHJ Pelling on 5th August 2016 we obtained the necessary Order to be able to start to issue customers with completion certificates. Work has started in this regard and we have a tight and strict process to follow in order to make sure the completion certificates are issued correctly and in the correct circumstances. Telephone calls to the office requesting an update will only serve to distract staff from completing the actual task of preparing the certificates, as a result, we ask that customers please bear with us whilst we undertake this exercise. We will post updates as and when we have progress to report.
So basically “please go away and let us get on with the work because it’s fiddly” … If you have a specific and urgent need for your completion certificate or for the restriction on your house to be removed, I suggest you ignore this and phone up and explain your situation.
UPDATE July 2017 The administrators say that all completion certificates and reports have now been issued to those IVA cases who were waiting to complete.
If your Varden Nuttall IVA is still continuing
If your IVA is still underway, you may want to ask the following questions:
- have any of the payments I made to my IVA already been distributed to my creditors?
- is the rest of the money I have paid, less any allowable fees, correctly sitting in a client money bank account?
- how many of my PPI reclaims have been paid to Varden Nuttall? Have they already been distributed to my creditors, if not are they correctly sitting in a client money bank account?
You should carry on making the normal payments and contact Varden Nuttall if you are having difficulty, are concerned about equity release etc. I hope this would be “business as normal” for most situations, although I suspect any requests for variations such as a final settlement offer will take longer than usual to get agreed.
How equity release works in an IVA
What happens if you can’t afford your IVA?
What happens when your IVA ends?
Dee says
I have a scottish trust deed with vn. Got a letter in this morning saying they were increasing my payments. I phoned and explained that my hours have actually decreased due to ill health, staff member was lovely and just advised to send in appropriate documemtation. It wasnt until i came off phone and read all the small print that i seen it had gone into administration. I have no idea about this stuff but can i ask…
Should i keep paying this company?
How can they keep charging a person after there allocated months are finished?
This is all very worrying now.
Eric says
Hello,
Is anyone else being ignored by VN recentely? I have been trying to talk to them via phone and emails since February 23rd but they no longer reply or engage I have my yearly review pending plus a lump sum offer which they are therefore delaying by no replying. Is anyone else experiencing the same?
Keith says
Yes is the short answer. They seem to be very difficult to get answers from at present, according to friends who have been trying to clarify their position for months now. Even basic bookkeeping on cashflows seems to be difficult, as they haven’t provided statements.
Eric says
@Keith,
Is better that I don’t comment at the moment…the whole thing is very worrying indeed!
nicola slater says
Keep on at them I’ve recently received my compleation certificate and only payed last payment end of November [sorry I am removing names of staff] Good luck
Eric says
Hi Nicola,
Thanks, I’ve got the feeling they are ignoring so they delay as much as they can my lump sum offer to end the IVA…or perhaps they are just giving priority to certificates of completition
Jayne N says
I received my completion certificate this weekend just gone – I only finished paying at the end of January 2017 :)
I had to ring them to advise my landlord was selling my property and I was concerned of the effect of though I had completed the IVA it wasn’t ‘finalised – they agreed I did the right thing contacting them as it could affect things or me at credit checks and though there were still lots of checks so it’s receipt wouldn’t be immediate they made a note on my file as to my situation….this was about 3 weeks ago and lo and behold paperwork in hand now :) it’s a weight off my shoulders and though I still need to find somewhere to live (not much sign of my place even getting interest never mind selling yet so I have some time!) and on paper my credit score isn’t good – I have the evidence in hand to prove I paid my dues….
I have even made enquiries about where I stand on obtaining a mortgage rather than paying extortionate fees to letting agents – might not be an option but feel I can enquire now
Good luck everyone still waiting – there is a light at the end of the tunnel!
Sara (Debt Camel) says
That’s quick for any IVA firm!
You will need to wait until your IVA has disappeared from your credit record six years from the start date before you can get a mortgage but you can now start the process of cleaning up your credit record, see https://debtcamel.co.uk/repair-credit-record-iva/
Jayne N says
Hi, I received a letter and email from Experian yesterday (following up the letter I assume though the letter was only there when I got home yesterday) I had contacted them as advised from Varden Nuttall in the letter received with my final report and certificate of completion – sending them a copy of the report. The letter says my IVA is showing as completed as of 17th March 2017 but they say an account is still active (Bank Of Scotland), they sad they were contacting the company on my behalf as they cannot amend the information without their consent. This letter was dated 11th April. The email received yesterday appears to be an update saying BOS require me to contact them directly – I had emailed Experian asking if the email was true and not spam as it didn’t make sense (until I received the original letter) – I haven’t heard anything back yet but my question is do I contact Varden Nuttall to query this or contact BOS as Experian advise? Or will this sort itself out (i.e. are BOS just late in accepting my completion?)
Sara (Debt Camel) says
This article looks at how to clean up your credit record after your IVA has finished: https://debtcamel.co.uk/repair-credit-record-iva/. BoS may just be being slow but you need to check they have the default date correct as well.
Maria says
I completed my IVA with Varden Nuttal in June 2011. I’ve just received a letter to say I will be awarded a PPI refund. The refund pertains to a loan which was included in my IVA.
Having looked at all my IVA documents the word ‘assets’ does not appear nor does my completion certificate mention funds are still to be recuperated. With that in mind can I keep my PPI refund or am I in for a nasty shock later this year.
Sara (Debt Camel) says
I suspect some IVA firms will not bother trying to get money paid out to a debtor back, but I can’t guess what the VN administrators will do.
Maria says
Thanks Sarah. Your speedy reply has eased my mind a little.
What would be a reasonable time to wait for the administrators to contact me? I thought this part of my life was over with.
Tanya says
I completed my last payment to my IVA beginning of October 2016, I was told my certificate would be a couple of weeks, then a couple of months then 6 moths, this will be end of March, still no word and yes I am going to phone them as I cannot move on with clearing my bad history without proof I have completed my 5 years, not a happy bunny
Jayne N says
As I said above I contacted them because my landlord had put the house up for sale and though under normal circumstances I understood it could take 6 months or so (never mind with the firm going into administration) I thought it was worth advising them of my situation to see if any assistance in rushing things through could be offered – even so I never expected it to be with me after 3 weeks!
I would recommend contacting them – I appreciate some have had issues with this and have not felt helped but I found it helpful and got the outcome I wanted. they must be a good way through all the backlog by now as we can see comments from people where things are moving on…
Good luck!
Steve says
Hi I completed my Iva 18 months ago and still haven’t received my completion certificate. I’ve only just found out they went into administration when I had my credit check. Has anyone got a number I can ring? Any help would be very much appreciated.
Thanks
Steve
Jayne N says
I rang 08448262144 (from my last income & expenditure letter – that’s when I found out they’d gone into Administration!)
regards
Jayne
Steve Perkins says
Thank you Jayne, I rang that number and things are starting to move a little quicker. ?
Steve
Jayne N says
excellent – hope you get your final papers soon :)
Tanya says
I rang them yesterday, they answer very quickly, but they cannot give a date, but they did say they were working extra hours to sort the back log out
P .A says
I’m in month 54 of my iva with Varden Nuttal and have been contacted by select group to take out a secured loan to end my IVA, this was not explained well to me at the beginning. They are saying the loan will be 50% of the charge that I have been paying over the last 54 months. Do I have a choice? Can anyone advise me of my choices.
Thank you.
Sara (Debt Camel) says
Read https://debtcamel.co.uk/iva-secured-loan/
Chloe says
Hi, they did the same to me. Select are very pushy as well, after all they want your money also.
Is there equity in the house?
We had a bit but was in joint names and the Iva was only in mine.
I complained to VN like you said. “Debt free” in 5 years etc… etc…
Select where on the phone, emails everyday.
This is not what we signed up for!!
Next I heard that it was being dropped as we had no equity. It just didn’t add up. As we did have some equity. Something wasn’t right in my opinion. But I was happy with that.
I’m out my Iva now as if Dec 2016.
Complain I say!!! It’s not on.
This angers me so much.
Hope this helps.
Sara (Debt Camel) says
Select have a reputation for being extremely pushy. Most people who stand up to this secured loan nonsense find their IVA firm backs down in the end. But it is unreasonably stressful…
P.a says
Hi Chloe,
I spoke to them (select) today and they are calling me back next week. He made it sound like we have no choice. We have equity but at the start if all this the house was undervalued in the iva which I did say to them at the time. I’m wondering if it’s worth seeking further advice. The iva should end this November after 60 months. The Claus says that we may be asked to seek a mortgage loan so I’m wondering if they will get around this due to the wording! So unfair that they do this, I so wish this had been explained at the start. Did they make you do the extra year?
Thank you for your help and advice.
Sara (Debt Camel) says
read the link in my previous reply – it is VERY unlikely that your IVA includes a clause which says you have to take a secured loan. If your house was undervalued at the start of the IVA that doesn’t really make a difference here.
P.a says
Hi Sara,
Thank you for your advice, I feel so let down by them. I will speak to Varden nuttal before I agree to anything. The interest rate is obviously higher than high street lenders and they have said it will need to run for 12 months then they can look at changing it to a high street lender as then our credit rating will be better than it is now with the IVA on it. I’m worried if I refuse it I’m in breach of my IVA. We have never missed a payment it’s so upsetting that they do this.
Chloe says
Hi,
Yes it was part of the agreement. I fully understand this but when you take out the Iva your not thinking 5 years ahead. All you think is what they sold it to you on. (Being debt free)
Our house was also undervalued. Hmmmm…. very odd I thought.
Select even told me I could probably remortgage in a few years. Obviously knowing this is all we wanted.
I complained to VN about quality of life after the Iva and how would it work when taking out a loan with select would leave me/us in the same position as I started.
Like said they backed down.
VN agreed I would do the extra year.
I sought legal advice as my circumstances had changed in the last two years. Plus they had got a substantial amount of ppi from me.
I put in a request to go to creditors and offer for a settle with funds to date. After waiting 4 months it was accepted. There’s nothing to say you can’t request this at all. 9 months later I received my certificate. Two weeks later I cleared my credit files and got a high street lender re mortgage. Moved two months later.
Don’t take that loan whatever you do.
Sara (Debt Camel) says
You can’t rely on being able to remortgage to a better rate in 12 months – who knows what the mortgage market will be like at that point? Also you still wont be able to go direct to a high street lender – many ask if you have ever had an IVA…
The point you need to focus on at the moment is whether you are obliged to take out a secured loan at all. If your IVA T&Cs only say “remortgage” then you should be fighting this.
P.A says
Hi Sara,
The wording in my contract says the words remortgage and mortgage vehicle.
The only place that I can see says anything about a secured loan is on the paper work that I got through on the 6th April (last week).
Thank you for your advice Sara.
Sara (Debt Camel) says
Good, that is the point to focus on at your Law Centre (great places for advice!)
In 2014 the IVA Protocol was changed to add the phrase “Remortgage includes other secured lending such as a secured loan.” That is very unlikely to have been in the IVA you agreed to.
Chloe says
Just to add it was a free law clinic I attended. On a first come first seen basis. It runs once a week in my area.
Check out if you have any in your area if it wasn’t for them I would still be paying now.
I couldn’t afford to pay for legal advice but they looked through all documents and everything vn had stated was correct and above board. Then I asked the question about asking them to ask creditors to settle. They said you are within your rights to ask but there’s no certainty that creditors would agree. But VN have to honour your request.
P.A says
Hi Chloe,
Thank you for your advice, I’m going to tell select when they call that I am not agreeing to anything and that I will be seeking legal advice. I have looked for our local law clinic which isn’t too far away, (thank you). I have sent them an email explaining our situation to see if I can make an appointment. Was there a template letter on any site that you used? Also who do I need to speak to at VN about this, that’s if they still work there as the staff turn over is vast! Sorry for all the questions, I really appreciate your help.
Thanks again
Chloe says
Hi,
Oh that’s good news. Obviously it’s only advice but they will check through your documents to see if all is above board. As it’s free that is all they will prob do but that would still cost if you went to a solicitor anyway so it’s a bonus. They have all the material and knowledge. If it was like my law clinic they will pair you with the best solicitor who specialises in these cases.
I never used a template I just phoned up with my request, can’t remember who I spoke with but like you say the staff turnover is high.
I’m so glad your doing this. I would hate to think of anyone taking that loan but there will be others that have.
P.A says
Hi,
Thanks, would you recommend that I tell them I am seeking advice before I do?
Thanks again.
Chloe says
Hi, I did mention I wasn’t agreeing to my new terms of variation to do an extra year until I sought legal advise but this was after they said we had no equity.
In an ongoing email conversation with them.
I had done 5 years plus 12k ppi and just thought enough was enough.
Maybe give them a call and explain you would like the unsecured loan clause or lack of clause checked out legally before even considering it.
I’m guessing they will be back on the phone within a day saying there’s no equity and u can do another year instead. If you have good reasons why and can prove you couldn’t do another year financially ask for a request to settle with funds be put in to creditors.
Even that isn’t an overnight process.
P.A says
Hi,
After calling my Union law department (which I totally forgot I have the access to) they advised me also not to agree to anything that is not in my terms of contract as I am not obliged to do so, also if this continues to lodge a complaint with the FCA. The lady I spoke to at VN is looking into it for me and referring it to the variation team.
Thank you for all your advice I will keep you informed.
P
Sara (Debt Camel) says
It isn’t very promising that your union’s law department has suggested you can complain to the FCA. You can’t – neither the FCA not the Finanicial ombudsman will consider complaints about IVAs. however, hopefully the VN team will consider their position and agree that a secured loan is not in the terms of your contract.
Daryl Rogers says
I finished my 5 year IVA in April 2016 and I’m still waiting for my completion certificate. I’ve sent over 20 emails and rang several times and have been told the 22nd May is the date by which everyone should get their certificates by. I would like to move forward with my life and get a mortgage but can’t until I get this certificate as it’s affecting my credit rating. Varden Nuttall have been nothing short of completely useless to be honest and if anyone is thinking of taking up an IVA, I would strongly advise them to reconsider all other options first.
Tanya says
Daryl, I’m in the same boat as you, my IVA finished last year, not had any letters or explanations or any info regarding the fact they are in administration. You sign up to a 5 year payment thinking as soon as the last payment sent, that is it, I know you cannot get credit till after 6 years, but acknowledgement from Varden would be nice
Ian mcintyre says
I sympathise with everyone having difficulties with this company. However, Just to throw another view, I was contacted out of the blue by them after my annual report showed a drop in wages and income. They offered me a welcome 15% drop in payments that has been agreed. My next review is in October before my final year. Hopefully my payments won’t change at that time. I also hope that they will get things together so completion certificates are a little more timely.
Melissa Shipman says
I made my final IVA payment in Aug 2015, I am currently still waiting for my completion certificate, I still have an active IVA on the insolvency register and the Land Registry… I am literally pulling my hair out, this company are causing me more stress than the original debt ever did… worst mistake I’ve made!!!
Mandy says
Hiya we just cleared 6 years after having to do an extra year, just hot a final figure of 3.336 pounds and told it can be over another year! We have paid all of what our initial debt was with payments and ppi.. do we have any options other that staying in it another year?? Help!!!
Sara (Debt Camel) says
Why are they saying you need to pay an extra year?
Mandy says
Because we earnt more than the alliwance last year, we are allowed 50% so now have to pay a lumpsum of 3.336.00…” i told them we just want out and their advice is ” bortiw it from family” because i refused they said over 12 months is fine…it works out 50.00 more a month than been paying the last 6..im debating contacting outside advice because they ant keep adding years surely! This would be 7 years by time its finished
Mandy says
Can we remortgage to pay it off? With ppi included we have paid the whole debt off and more if we have to pay this, we would have been better off paying it off ourselves instead of using an IVA.
So upset when led to believe it was ovef this year
Sara (Debt Camel) says
In theory yes, but in practice getting a remortgage when you are in an IVA is almost impossible.
If you cannot afford the payments they are now asking, then you need to talk to VN about this. But if you can, paying them is probably your best and cheapest way forwards, unless there is a family member that could lend you the money. Commercial borrowing of any sort will prove much more expensive.
Mandy says
Our debt was £29.952, we have paid in 16,930 and 13k ppi has gone in which is nearly all of our debt, surely an iva are supposed to make it easier, we would have done it all ourself cheaper surely, the fact they now want £3,334.54 seems just greed ?
Sara (Debt Camel) says
The PPI reclaimed would have had the claims firms huge fees taken out, so all that money doesn’t go to your IVA. And you are also liable for the IVA fees which will be a few thousand.
You may well have done it yourself cheaper but you are where you are and have to make the best of it now.
Mandy says
So we have got to the final settlement figure and are going to just pay it off…how can we be sure it wont be reviewed again and they wont ask for more money?
They have had everything theyve asked for, we had to do 6th year due to not remortgaging, got a final figure due to wage increase last year
Sara (Debt Camel) says
Well if that included bank statements and payslips / P60s, I would guess they have done the final calculation. Fingers crossed!
Mandy says
I honestly hope so because as they suggested someone has lent us the money to get out of it and move on, thank you..I also asked about hoe long for completion and was told 6 month max..not holding my breath
Ian mcintyre says
Has anyone else had a text message like this?…..
“Our records show you were in an IVA or Trust Deed. Please contact CRS on 01422315214 to provide an update as the arrangement has failed. Ref UNCDMA001728”
My IVA has not failed and is up to date completely. I am so angry about this end my next call is to the financial ombudsman/FCA
Sara (Debt Camel) says
You should also inform your IVA firm – is this VN?
Chloe says
Hi Ian
The company is credit resource solutions. Pay day loans etc… knowing that most lenders wouldn’t give you one in an Iva. Prob offer you one at a ridiculous rate .
I wouldn’t worry its nothing to do with VN. They’ve obviously got your details from somewhere or just by coincidence sent u that text.
VN do warn you that companies like these may try and get in touch.
Ian mcintyre says
Hi, thank you for the reassurance. It makes my blood boil that companies like this can tell you that your IVA ‘has failed’ which is just untrue. Surely they can be taken to task over these lies?
Sara (Debt Camel) says
I agree. You could put in a written complaint to them and take to the Ombudsman if you don’t get an apology. And you could report them to the FCA.
Ian mcintyre says
Which is exactly my intention. I have worked hard for the past 4 years dealing with my IVA, VN have been supportive. I am upset that someone can use this method to frighten people into thinking they are in breach when they are not.
m says
my partner is currently trying to sell his property which has a VN iva attached our solicitor has written to VN but had the letter returned , how can we find out what is owing on sale of the property ? This is already a messy sale due to his ex partner living in the property and us paying the mortgage so we are looking to sell asap.
Sara (Debt Camel) says
What stage is his IVA at, completed? Last payment made but not yesterday completed? Still making payments?
David aldred says
After my iva finished ppi was claimed by vn and a large amount was obtained .I have recently read that I am due the interest from this amount ,is this correct …..thanks Dave
Sara (Debt Camel) says
Where did you read this?
David aldred says
I was told this by another iva firm ,is this not correct ,the sum of 8% per year was mentioned ……..Dave
Sara (Debt Camel) says
Different firms seem to have different rules… You should contact the VN administrators and ask
Tanya says
I got a telephone call from a firm associated with Varden, she woffelled on about PPI and some money coming to me, but she was that quick I had not a clue what she was on about, as the last 3 PPI claims I got nothing from them as they all went to my PPI
Lynne says
Tanya, there is nothing to stop PPI firms from continuing to call you until the end date for claims, only then will it stop for PPI but not other things like packaged bank accounts etc.
In answer to a lot of other concernsraised about re-mortage to settle the final part of the IVA, you need to read your paperwork carefully and work out how much it would actually be, in my case • Expected to it wasnt till i read this clause was i reassured: 2re-mortgage up to an amount where your additional mortgage payment is a max of half of your monthly IVA contribution”. So, in my case i pay £120 per month so any mortgage payment could only be a maximum of £60 per month – but in any event because of a significant the initial reduction in income c.£330 per month the Varden Nuttall supervisor thinks the IVA is already unaffordable, and if £60 per month was added onto the payments for the last 6 months is most definitely unaffordable. VN are seeking to bring the IVA to a close with the creditors, at monies already paid, because of the current unaffordability resulting from the initial drop in income. I also notied this clause in my agreement for those were lower payments are agreed, and wonder if it is in yours too “If your monthly IVA contribution would be reduced to below £50, contributions will cease and the IVA will be deemed successfully completed.”
If sucessful, this would end the IVA c. 12-24 months early, depending on when and if it is agreed, I wait in hope.
Kevin says
our 5 year agreement has now gone into 9 years.
we started with a monthly payment of £150 after 4 years VN ipped our payments to £325.
We finished the IVA back in February according to VN.That is 3 years longer than our reckoning.
They are still taking our money from any PPI and not passing anything to us.
VN are as bent as bent can be and nothing more than a bunch of thief’s.
I would not recommend them to anybody.
We just want our money back as we believe a debt of £10,500 has turned into VN taking £19,000 approx.
they never respond when ever we tried to contact them they never told us about going into administration or the director being jailed.
we wish we had never heard of them or there being in our house for 7 hours trying to get us to sign up,we only signed up to get him out of the house.
like I said a bunch of thief’s.
Michael says
Our IVA payments were completed in June 2015 and we eventually got our completion notice in December 2016.
In June 2018 we received a cheque from Lloyds TSB as compensation for excess fees and charges amounting to £2,963.80 and we had to pay this over to VN (who were then in administration).
Today (3rd July 2023) have been paid £117.36 surplus funds but no breakdown of how the balance £2,846.44 has been allocated.
Has anybody else had a similar experience?