Aperture have announced in September 2020 that the management and supervision of their IVAs has now been taken over by a different company – Jarvis Insolvency.
Included in this article:
- What should you do if your IVA has moved from Aperture?
- What if you are unhappy with the change?
- Can you cancel your IVA and go bankrupt?
What should you do if your IVA has moved from Aperture to Jarvis?
If the appropriate court order is granted, your IVA can be moved from one company to another. It happens when the company you are with decides to sell their IVA clients, perhaps because they plan to close their business or change what they do.
The situation is actually quite common as companies change. In April 2018 Harrington Brooks transferred their IVA clients to Freeman Jones after the business stopped trading. In August 2020, Vanguard transferred the management of their 6000 IVA clients to an organisation called Ebenegate.
If your IVA has been transferred from Aperture to Jarvis and you are happy there is no need to do anything. Simply continue to maintain your monthly payments as normal. When the anniversary of your Arrangement comes round, the annual review will be carried out by the new company.
Up to 25,000 Aperture IVA clients are likely to be affected by the change to Jarvis Insolvency.
What if you are unhappy with the change?
Although an IVA company can transfer your Arrangement to another firm (as has happened between Aperture and Jarvis), you can’t decide to change your IVA company yourself. Unfortunately, if you are unhappy for some reason you have limited options.
The best advise is always try your best to resolve any problems you have with the new company. They may have slightly different processes and ways of working. However the terms and conditions of your IVA remain the same.
Where you feel you are not making any progress, you have the option of raising a complaint. First you should do this direct to the Insolvency Practitioner responsible for your IVA. If you are not satisfied with the response you can then escalate to the Insolvency Service.
If you are so unhappy you have made a complaint, finding a way forward with your IVA company that you are satisfied with could be extremely difficult.
Can you cancel your IVA and go bankrupt?
You may have reached a point where you decide you no longer want to work with your IVA company. In this situation, you can cancel the Arrangement. However before you do so, you need to have a clear plan of what you will do next.
Very often, going bankrupt can be the next best option. This is particularly the case if you live in rented accommodation as you are unlikely to have anything to lose. Any ongoing monthly payment you have to make towards your debts is also likely to be far lower and will only last 3 years. If you have no surplus income you will not make any further payments at all.
The only time when bankruptcy may not be a viable option is if you are a home owner. In this situation remaining in your IVA could be the best option.
Do not stop paying your IVA until you have taken advise from us. We can explain the implications for you and what your options are going forward. Call us on 0800 011 4712.