I'm in the last year of my IVA with 9 months to go

[s_b]

I'm in the last year of my IVA with 9 months to go! I've just received a letter from my IP stating their extending my IVA by 2 years!!!? And I can't understand WHY?

[kallis3]

Hi,

I think you need to speak to your IP company to find out what is going on.

Have you missed any payments at all?

[MelanieGiles]

They have left it a little late to pass on this sort of news. Make an urgent call to their offices to find out exactly what is going on.

[s_b]

Thanks everyone I'll try to contact my IP Tomorrow and let you all know how it goes!

They have left it a little late to pass on this sort of news. Make an urgent call to their offices to find out exactly what is going on.

[MelanieGiles]

I wonder if you will be able to get hold of them on Saturday?

[s_b]

Hi Helen
The letter states that the 2 year extension is required to "allow time for the realisation of assets?" But I don't have any assets!!!

My house was sold years ago and 80% of my equity went towards the IVA!!! As have 50% of all my bouses and I have never missed a monthly repayment for 4+ years!!!

I'm at a total loss as to why this extension is required!

/

Hi sb

What does the letter say? they must of given you a reason on the letter?

Have you been in touchwith your ip?

xx

[MelanieGiles]

What a lot of nonsense. I suspect that this is a data processing error - but one which should not have occured.

[s_b]

God I hope so Melanie!! Otherwise the last 4 years have been a complete waste of time and sacrifice!!
I'll probably get a response from them on Monday and will let you know! Thanks anyway x

What a lot of nonsense. I suspect that this is a data processing error - but one which should not have occured.

[Shining]

I do hope you get this sorted in your favour and it is an error. Do let us know won't you?

[kallis3]

I hope you get it sorted as well.

[thefsg]

Yes, and remember if you get the run around when you speak to your IP (i.e. it's not a simple error) then do come back here for more help

[Julie]

Really hope its an error and you get it sorted. Good luck xx

[s_b]

Hello again,

I finally got hold of my IP today and they explained that the extension letter was a "standard" procedure for them to allow creditors to claim from from my IVA Account. Thankfully, they assured me that it didn't mean I'd have to continue payments after the 5 years are up at the end of October.

They also admitted that 2 years for creditors to claim did seem "over the top!" But that it was a procedure to protect their company!!

Anyway. I can now sleep a bit better so thank you all for your support.quote]Originally posted by MelanieGiles

What a lot of nonsense. I suspect that this is a data processing error - but one which should not have occured.
[/quote]

[MelanieGiles]

This does not make sense - are they seriously saying that they don't close cases for 2 years in order to give creditors the opportunity to claim! It sounds to me as if you have been speaking to someone who does not understand the process.

[Julie]

Thats great news!

I do think they should review their standard procedures..what a waste of money sending letters like that and causing unnecessary worry.

At least now you can countdown the months, hope it flies by for you [:)]

xx