Hi, I've not declared some money which I should have, now my I.p is saying I've got until the end of month to explain why. There saying there failing my iva because of this and bankruptcy is an option. Is there a way I can keep the iva going or am I on my own. I can't give them the money back in cash. And can't speak to them until Monday just got letter today. Any advice appreciated
How much and why was it not declared ? You need to.be up front and honest with your IP and explain why it has not been declared ... hopefully by talking it through you can come to an agreement that will see it through
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Your IP has given you until the end of the month to explain, NOT repay ??
So, as said above, explain that the roof needed repair and that, in hindsight, you realise that you should have asked first.
Hopefully then you can go on to propose some repayment method / timescale, either by increasing payments left or extending the IVA to cover the shortfall.
Last edited by Foggy on Sun Sep 28, 2014 9:45 am, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Usually rebates are offered to the IVA supervisor by HMRC and not returned to the client. If you are self employed under the CIS scheme and this rebate relates to a period post IVA approval it is arguable that it belonged to you anyway.
You need to have a word with the IVA supervisor as to why they feel the rebate was not yours. It is also a little strange that HMRC did this as if you are or were self employed they must have been informed. You could tell the supervisor this because if HMRC felt it was your rebate then that is why you used it.
There may be other issues and ultimately you may have to repay the money or extend the IVA but check out first whether the money should be yours anyway.
Hope you managed to speak with your IP today and an amicable arrangement has been drawn up. Maybe adding the sum on at the end of the IVA term would be one option.
Explain about the roof too and provide receipts where necessary to substantiate your reasons.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi thanks for reply's. All sorted now going to repay money over time. Weight off my mind lesson learnt. Could someone tell me how to close my account on here please. Thank you for all your help
Just put a post up for Admin and they will attend to it. In the meantime you can go into your profile and delete all your info, if you feel the need to, but the user name will remain until Admin do their stuff.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014