Hi, I've recently submitted documents for my final review before completion. If there is any surplus income due after the review, how long do you usually have to pay it? I find it inconceivable that an iva could fail after 60 payments have been made. I work in sales so I've asked my Ip to calculate any surplus for me. Please can you let me know what happens in such cases. Thanks
If you are at the end of your payments, and the IVA does not need to be extended for any purpose - such as dealing with equity - there should be no need for a final review of your disposable income, but your IP will need to see all of your wage-slips to ensure that no uplift is due under the 10%/50/50 rule.
Under the terms of the IVA Protocol, the IVA can be extended by up to six months to capture arrears of uplift payments. Any longer, and the specific agreement of creditors would be required at a newly convened creditors meeting.
