IVA another year

[susanc22]

Hi all,

I am in need of some advice.

I enetered an IVA in 2007 and was informed that it would run for 5 years. all creditors reports and letters confirmed this and I was even sent a letter stating that my last payment date was Dec 2012.
The IVA company have now contacted me and informed me that they have made a mistake and as per the court papers, my IVA is due to run for another year.

Is there anything I can do? I have all the documentation stating the 5 years from them and even though the court paperwork did state 6 years, I have received that many modifications, I assumed that the information they were providing was correct.

Please help as I am really unsure where to turn x

[Foggy]

I am afraid that, unless one of the modifications specifically altered the term from 6 to 5 years ( which I doubt) then the contract holds, and you do have a 6 year term.

Why did your creditors ask for 6 years initially --- was one of them Northern Rock or NRAM ?

[MrsR]

Hi Susanc22,

Have you looked at your original proposal at all, if so what does it state?

Although the IP should have informed you of the term correctly throughout the IVA, it is also your responsibility to make sure you are happy with the proposal at the start.

If the proposal does state 5 years to end Dec 2012, then I would ask why they want to extend for 12 months. as they have to give you a reason for this - maybe you took a break, missed a few payments or miscalculated any overtime due?

[susanc22]

Thanks for the responses, i thought this might be the case.

As it is a joint IVA, I have had a look at both and one does seem to state that the arrangement "should not exceed 72 months", which conflict with what they are telling me as they are saying that it is 72 months and 12 months equity release??

I am no expert with legal documents but it seems to say that it is a 60 months with a 12 month addition for my equity, but as they have sent me a letter excluding my property from the agreement, surely I am finished?

They have said they will refer it to their complaints dept as they have admitted that they have mis-informed me....just feels like such a mess

MrsR - No missed payments or breaks, except for the last 2 months.

Foggy - Neither of those were creditors, I think it was HBOS that might have pushed for it as they pushed for more money too