Not disclosing pay rises

[scotlad72]

I have had an IVA for just over a year and a half now, to be honest they took a lot of my income and i was not left with a lot of money left to live on, basically my money to live on would run out about 1.5 weeks after being paid.

I have now moved house and changed jobs and am earning slightly more but i have not declared the house move or the pay rise to my IP.

They do have my phone number but i have not heard anything from them.

What happens if i carry on paying the amount that i have been paying for the full 5 years? Can the IVA officially end?

The reason i am asking is that if it cannot officially end then i am considering going bankrupt as because they left me with such a little amount, i now owe friends and family a considerable amount of money!

Thanks for your help.

[james.c]

During my first year I had a pay rise told my IP and was told to leave as it is to the annual review, ie if any increase it would be done at the annual review and not back dated.

You cant hide a pay rise cause it will show up on your wages and P60.

Also the idea of been in an IVA is that you pay back as much as possible to your creditors.

How ever reading further down you post are saying that you do not have enough to live on.

It could be for exmaple you get paid £50 a month extra but your bills have gone up £50 a month, then one cancels the other one out. Or if its the extreme case were you think the I and E is compdleteley wrong you need to speak to your IP about this and try to get it changed with him or if means you need a reduction in payments then he can hold a variation meeting with your creditors

no matter how bad money gets, theirs stll alot more important things in life - 48 payments to go

[scotlad72]

Thats why im asking, i have not heard anything from my IP in 1.5 years about an annual review. I am just wondering if i carry on paying what i pay and never take part in an annual review, ie. dont send them my payslips and P60, can the IVA officially end?

[james.c]

if you havent heard anything, i would just leave it, but if you have moved house, do your self a favour and contact them and tell them your new address.

If they have your address up to date its up to them to contact you for annual review - after all thats what we are paying them for.

no matter how bad money gets, theirs stll alot more important things in life - 48 payments to go

[OPTIMIST12]

Hi scotlad 72 -

Did you not have a Modification at your Creditors Meeting saying something along the lines that the Supervisor will review the arrangement annually to ensure that the maximum possible contributions are being made?

Surely if this Modification is not complied with then the IVA can not satisfactorily complete?

I would have thought its best to get this sorted now or it might just be storing up big problems for the future? Something somewhere wasnt right if you were running out of money after one and a half weeks.

I have made 11 payments and have already received the notification / forms etc. about my first annual review.

[scotlad72]

I am in a real dilemna because i am not sure an IVA was right for me, i have no assets, i have no house etc and i owed 95k which was almost 4 times what i earned!

I am now thinking that i may want to stop the IVA and go bankrupt, does anyone have any advice on how to go about this?

[Adam Davies]

Hi
You can stop paying into your IVA and declare bankruptcy at anytime at a cost of £485.You can download the forms from The Insolvency Services website.
Contact your IP and inform them of your new address,ask for a new income and expanditure form and fill that in giving yourself realistic amounts to live on.
If the net disposible income is less than you are currently paying into your IVA then ask for a variation meeting to reduce your payments.
If your creditors refuse then bankruptcy is a viable option for you.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Why did you enter into the IVA in the first place if you felt that the payments were set too high, and you had the alternative of bankruptcy to choose at that time?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[marsha1]

I have a mod in my iva that if I change my address and do not tell them I am in breach of my agreement.