I have had an iva for 6 years, each time I think I've reached the end they add more monies on. I have made every payment on time and even increased my contributions to cover my increase in income. Now they're saying 7 years and want more money and to continue to monitor my income, I am not nor have been driving around in ferraris or living in a mansion sipping champagne and caviar. I have a scrappy car living in a council house with currently not a penny until my next wage, these people are stripping me of all the pride and self confidence I've had, which in turn is destroying what was a wonderful 16 year relationship. How can they continue to hold me to ransom with apparently no way of policing them. Anyone who can help or give advice would be much appreciated:(
I understand your frustration, but for anyone to offer advise you need to give a little more detail.
Break down your issues or complaints into smaller bits.
Who is your IVA with?
Why is it now 7 years?
Why have they added more costs?
Have you found the monthly payments too much? If so have you spoken to your IVA company about this? If so what have they said?
I am sure that some one on here can give you some advice.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
As the iva has progressed, i have been promoted twice, therefore my income increased we are talking about £300 per month. I have gone from a quoted £271 per month payment to £440 which I have paid every month on time for the last 4 years. They are now reviewing my income each month (beyond the original 5 year period)and telling me that i should pay more. As said my standard of living has not improved from these extra monies and the costs of trying to bring my family up above the povertyline increase daily. We now work shifts 16hrs days, just to keep these vultures at bay! Unfortunately the company I am dealing with are fully aware that they are untouchable (hence not naming and shaming) and continue to tell me that the whole situation was my fault originally ( very compassionate )and that if i'm not happy that I should file for bankrupcy? Having adhered to the iva for 6 and a bit years.
When you enter an IVA you are making a commitment to pay as much as you can each month and not a set monthly figure! This amount will change as your circumstances change.
Most IVA’s have a 5 year term and each year there is a review to see if you have more or less disposable income.
If you have more money available then you pay more.
If you have less money available then you pay less.
You should not have to work 16 hour shifts to maintain your IVA payments. Were you working 16 hour shifts when you entered into an IVA?
Did you have a review of your income and expenditure each year for the last 4 years?
Last edited by Heretoday on Sun Sep 09, 2012 10:58 pm, edited 1 time in total.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
How very dare they say that sort of thing and totally unprofessional as well, i hope that you have reminded them that despite the fact you are in an IVA you also deserve some respect, cheeky (can't put what i want to here!)
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
