Get expert opinion. This is the place for new questions to be posted.
-
steve9864
- Posts: 14
- Joined: Wed Sep 03, 2014 7:36 pm
- Location: United Kingdom
Hi. We had a sanctioned payment break back in 2010 due to family death. A few weeks later we received letter stating that our IVA was increased by 12 months A colleague also had a payment break but was only asked to pay back the 6 months owed. Can any body GI ve me an answer as to why?
steve98649870
-
Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
In general you would the IVA would only extend to cover the amount of the missed payments. I would definitely contact your IP to ask why the extra payments above the payment break amount. I'm sure they'll clarify this for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
-
steve9864
- Posts: 14
- Joined: Wed Sep 03, 2014 7:36 pm
- Location: United Kingdom
They apparently had written off the arrears but extended payments at a reduced rate (£367 down to £314) for a further 12 months.
steve98649870
-
Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
is that in lieu of equity or did you have a minimum dividend to meet?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
-
steve9864
- Posts: 14
- Joined: Wed Sep 03, 2014 7:36 pm
- Location: United Kingdom
Hi. Neither. They just wrote off the 4 months and extended it by 12. I think this wrong as I wasn't told I could challenge it.
steve98649870
