I submitted a new financial review back in June of this year as requested by my IP ready for my 2nd Year Review and thought nothing more of it until last night when I got home and opened a letter headed income obligation - 11 month review and asking me for £2572.15 which is the 50% of any net income received in excess of the income disclosed in my proposal. (I ALMOST COLLAPSED LOL) My wages have gone up and I have always submitted my wage slips every 3 months as per there instruction but they obviously have not got my updated I & E form which shows I have about £4.11 left after paying everything.
Anyway just had a call from them as per my call last night (was upset)and they are going to go through my figures next Friday on the phone and they said they may need to do a variation which will cost £500.00!!! - CHEEKY
Just wanted to vent my feelings so thanks for looking!!! [:D]
My word, that sounds awful, it must be so frustrating when youre doing you best to feel that youre being squeezed like a tube of toothpaste. You havent asked for a variation and everyone knows how much essential stuff has gone up so much, squeezing most of us, including IP's. What do they hope to gain from doing a variation apart from the £500 smackers? Hmmm, It really doesnt sound fair, and I can so understand your anger, I would be in tears if that was me.
You go into an IVA to deal with the debt problem so why are they causing a further problem?
Hopefully they will see sense and leace you alone but its not a very nice thing to do just before Chtistmas is it? I am no expert on IVA's but I think I would be inclined to ask are you just trying to rip me off or what? I have provided you with the information you asked for, can you explain slowly what the hell is going on here? I sure as hell dont get this.
Best wishes for a cheap and peaceful resolution.
Last edited by freelili on Fri Dec 05, 2008 9:15 am, edited 1 time in total.
Thanks for your reply Lily. I know we are all trying to do our best and pay back as much as possible but this I did not need but hey-ho with any luck I will get this sorted out next week without the need for a variation
Ray, that's awful news. Not good at anytime of year, but particularly bad at Christmas.
I hope you managed to get it sorted without a variation.
Fingers crossed for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is a much better idea to send in your additional earnings as they are earned, rather than receive nasty suprises like this at the end of the year. Cannot understand why your IP was not monitoring this during the year, but if the calculation is correct then the money may well be due. Get your IP to send you a copy of the calculation and check out the terms and conditions of your IVA - including the Chairman's Report - to be sure.
You are right I should of told them but as you say they had my wage slips so should of seen that I was getting extra. However my increases have all been swallowed up anyway with extra rent and other expenses so I cannot pay anymore, and as far as I am concerned I do not owe it anyway
I think that you need to list out all of the increased expenditure, which ought to be deducted firstly from your share of the additional earnings, and any balance then should be deducted from your share in order to arrive at whether you indeed owe anything.
Thanks. Well I have done another I & E form and I have £4.11 left each month so they are welcome to that if need be but nothing more. They have based there calculation on my old salary amount and not my new one.
As I have said the difference between the old and the new has been swallowed up with expenses like my rent shooting up so there is no way I can owe anything as I have not benefited in the slightest personally
My original payments were £300.00 which were then increased to £368.00 for a short while as I had to take a payment break. This was completed and the payment has gone back to the original amount.
Good question about the variation? I do not see the need for it either but I have a phone appointment with them next Friday to go through my I & E again so hopefully should clear it up.
IPs should not be putting forward variation reports to reduce payments which they have increased in excess of the payments accepted at the outset of the IVA. They can use their own discretion based upon your individual circumstances.
I had a similar thing happen to me,
At a quarterly review, I sent in my 3 months worth of wage slips, the last pay slip showed that I had received some overtime, The company then based a revised figure on the last wage slip and sent the payments sky high!!
After a few emails and phone calls they told me the payments wouldn't be increased as it was overtime, so had to contribute only 50% of net figure.
I think sometimes they really don't check through the wage slips properly to see if it is overtime.
Just to give you an update on this. Had a Review on the Phone and went through a revised I & E (even though had submitted this back in JUNE) and they have worked out that I owe around £380.00 which was due to a mess up on there behalf where I was paying off some arrears and they advised me I had cleared them and apparently I had not. (was told to lower my payment again) No problem as I have agreed to increase my payments from £300.00 to £320.00 to eventually clear them.
Very happy as that amount is better than the £2500K figure I was initially quoted.
