4 years in.....

[Leedos]

Hi all,
I'm currently 4 years into my iva and starting to see problems with it. my ip seems to be moving the goalposts, my term has gone from 5 years to 7 to pay back excess earnings.
In 2008 i had a reasonably good year at work, when it came to my review i was instructed to pay an extra 5k, obviously i didnt have this so it was added to the end of the term.
the term has been extended a couple more times due to low earnings when i was only paying 160 pcm, instead of 385 pcm.
i have also just recieved a letter from my ip asking for my payslips from jan 2010 to nov 2010. as i am paid weekly this will be over 40 wageslips when they only usually ask for 3. has anyone else had these experiences?
i honestly wish i had gone BR instead of this hanging over me!

[kallis3]

Hi, and welcome to the forum.

They can ask for you to pay any excess earnings, and your IVA can be extended to take this into account. If you have had to lower your payments then this can also mean an extension.

Which IP company are you with?

[Shining]

Hi Leedos and welcome to the forum. It would be usual to pay any monies over at the time of earning which is in excess of what is stated on your Income and Expenditure. I send each and every payslip to my IP for my husband who is paid weekly. I wonder why none of this was explained to you at the outset of your IVA?

[tonyranks]

well i have 9 months to go and owe them 1900 so far, but it might be extended or i will pay it before or increase my monthly payments, i started with around 484 and now it is 735, but having no problems, havent missed a payment yet..fingers crossed

[kallis3]

You'll never pay back more than 100p in the pound plus fees. Hopefully you can complete in January.

Do you have an equity release clause?

[Shining]

Hope it concludes successfully and on time for you tonyranks. x