discrepancy in 2nd year annual report

[me1]

My husband & I had our IVA agreed Nov 05. We received our first report in Feb 07 to cover 05-06 and they wanted £95 as our 50% rule. We caled and as agreed sent in receipts to cover £288 that we had overpaid in gas. We were told the £95 would be cancelled out by this.

We have now received our 2nd year annual report and noticed that it had a discrepancy. They had stated that more creditors had not claimed their debt than actually had and that they were still trying to get the £95. We queried immediately and said that it was portraying us in a bad light as £22k was not unclaimed but £14.5k and the £95 was supposedly cancelled. They have now contacted us to advise report corrected but still need to pay the £95. We still dispute this and are wondering if bankrupcy would be easier as nothing easy with this company. Firstly, where do we stand on disputing this £95 and also if we were to go bankrupt now 2yrs in, would any of the money we have paid to date be taken into account? We know that fees are paid from first 2yrs of our payments, but surely if we go bankrupt this would reduce as not doing the work for 5yrs?

[Adam Davies]

Hi
Most of your IPs work is done in the first year so I would doubt if there will be much money avaiable to your creditors if you decide on bankruptcy.
I am sure that your IP will not worry too much about the £95,just get the answer to this in writing or an email.
Don't rush into bankruptcy,I'm sure that you can sort this out with your IP.
Are you homeowners ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp