I have been in a Iva for 3 years 3 years left to go , I have just had my annual report , payments have stayed the same with £129 disposable income don’t know what that means ? I look on my account and see a payment that has a extra £50 added on with no explanation ,and an extra year added on making it 7 years in total I ring up and say they have to do another review , what are my chances of doing a bankruptcy order , will they make me pay an amount each month for three years , the stress of this every year is making me ill. My only assets is my car which is worth £2.500 max , will need my car for work as too far to walk as have arthritis in hips and feet. Look forward to a reply.
Your disposable income is usually your IVA payment. Do you own your own house? That could be the reason you have the extra year added on. Have you had any payment breaks at all?
I would ask for a breakdown of your account so you can see what is going on.
Under BR you would probably have to pay for three years and your credit rating would be shot for a further six years, plus going BR is not cheap.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Was there a reason your IVA was planned to be 6 years from the start?
Like Kallis said your disposable income is what you iva payment is. Its worked out from your income minus allowable expenses. Whats left over is your IVA payment.
If your IVA was set to 6 years from the start the extra year could be to take into account equity from your proprry although they cant say now that youll have equity, or if you do that it couldnt be released. That 7th year may not apply, it might do but not decided in year 3.
I cannot add to the replies already given ---- but ---- When was this extra year added ? My thoughts are that it was added at the start, but was not drawn to your attention ( or you did not absorb that information due to the overload at the time).
Are you a homeowner ?
Check your proposal --- does it say 60 or 72 payments ? Check the Chairman's Report -- this is the report of the initial meeting --- does it add a year ?
Ask your provider to explain.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I was never told of the year increase only when I looked on my online account my Iva should finish 2023 , my first payment break was 2017 due to my partner passing away which left me with ssp of £60 a week it was buying food or pay my Iva , I had to have surgery feb 2020 so still on sick so asked for a payment break again as on ssp but over the years I’ve been pretty tight when it come to buying stuff ie shopping is to a minimum if I don’t need it I dont buy it , so could pay this months iva as saved up a little , is this the reason why they have put another year on ? The only think that might go against me in br is I’ve saved £ 1000 over 3 years in my bank for a rainy day for when I’m sick .
I was put on 6 years due to my income and expenditure when the meeting took place I had to accept it for it to go ahead , my yearly earnings are less than 10.000 and benefits due to pip , can’t believe they take pip into account when working your earnings , they didn’t the first year until it got took over by another company, worst thing I’ve ever done , wished I had got some advice before doing it , but at the time I felt I had no choice.
You could us those savings to pay your BR fees as they are not cheap and then you may/may not have to make any payments during the BR.
I am so sorry to here of all of your problems.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I gather that you are with Freeman Jones, now, and would suggest you drop Ian Williams an email for him to look into this and explain exactly what is happening. His new email address is ian.williams'at' financialwellnessgroup 'dot' co 'dot'uk ( we, on this forum, tend to write email addresses this way to lessen the chances of them being picked up by 'bots' and the mailboxes spammed. )
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am sorry to hear that you are concerned about your IVA - I can certainly investigate this for you and find out what's going on. As Foggy said, just drop me an email to ian.williams at financialwellnessgroup.co.uk (was Freeman Jones) and I'll try to sort things out for you.
Thank you for your reply’s I spoke to a lovely lady about my concerns and was told of the date my Iva finishes ...and not take the online account I log into On freeman jones ( it lists documents and payment amount ) too much to heart , my paper work for the repeat review is in the post ..
I think br would tip me over the edge with being off work with too much time on my hands to think plus very tearful with what’s going on
Saved my payment holiday for when it’s seriously needed .....hind sight is a wonderful thing.
