Hi,
we are currently in our 3rd year of our IVA.We received a large redundancy payment in April and we kept the money in our bank until a variation took place in September(Due to husband decrease's in wages in new job.)The money has now been paid into the iva but i had to use about £400(50% of overtime for that quarter)to make up the shortfall of redundancy payment that we used to purchase a laptop for work purposes back in April.
I have also received a large pay rise at work but also have more outgoings than when i started IVA in 2006- i wrote to my IP about all of the above and three months later still no reply.Last week I was told that there was a mix up with lots of paperwork and instead of them reviewing the paperwork it was all filed into archive.
I have just received a letter today to say that my mortgage has gone down by £250.00 per month. I have been trying to get through to them all morning for advice.
What should i do about the new mortgage payment?
I am scared that come the review time in february i will i owe more than what i have paid in - what will happen then as it is not my fault they have been too busy to review my case- Help?
Sorry to hear of your difficulties - its frustrating isn't it when you're trying to resolve things and someone else isn't responsive. I'm not an expert,but I'm sure someone will be along soon, so stick with us.
From what you've said, you have done everything you possibly can. I don't know if there's a timescale when the IP has to respond for a review. Have they said when they are going to look at your case, now they have admitted to wrongly archiving your paperwork?
I would send an email listing your concerns and ask for a response within 7 days. I think thats more than reasonable given the time that has already lapsed.
Hi Aragorn. Your IP should have dealt with your queries a long time ago and the regulators do not like unanswered post. However, it seems to be an error and your IP should now resolve the up todate I&E. Given it was their mistake they would be unlikely to push for repayment of arrears so when the review takes place any changes can be implemented then.
Depending on what your proposals say, it is likely that the reduction in your mortgage payments will only be taken into account at the time of your annual income and expenditure review. In any event, given that it is nearly Christmas and your review is due in February, I do not think that your IP will be asking what your current mortgage payments are.
If you have an overtime/additonal income clause in your proposals (which from the sound of it you have) then 50% of your payrise should have been paid into the arrangement. However you have tried to tell them about your pay increase as well as the increases in your essential living expenditure and you did not receive any response. As Michael says, it is unlikely that they will push for payment of any additional monies which should have been paid into the arrangement.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
