Hi GT have been miscalculating our income over each review and have increased our payments into the Iva year after year.
We have always disputed our increase but had always been told it's that so pay it. After yet another increase this year yet a significant decrease in our salary And finally after months of phone calls etc spoke to the lady who conducts the reviews and it turns out that yes our income has been miscalculated on each review.
We have been forced to have an extension on our Iva as this years repayments are set so high we have had to ask for a few months reduction in payment whilst we get to the bottom of the problem.
I'm awaiting GT response to their miscaulations for last years review . But they say that even though all other years have been miscaulated and we have paid more than required there is nothing that they can or will do about this.
All we want is the extra extension on the Iva be wiped off because for the last 4 years we have overpaid (significantly ) e.g this years payment looks like it's going to be reduced by £250 per month last years payment should of been reduced by £199 per month so as you can see it's a significant amount that we have been overpaying for 48 months!!!
Can GT just ignore the overpayments ??? It has been the way our reviews have been conducted by them that has caused the issues?
We don't want the money refunded back to us we just want to take months of our Iva so it concludeds around month 60 instead of 72.
I would push for a discussion with the senior manager to agree a way forward. Have you received in writing notification that the calculations have been done incorrectly...just thinking if you have you might have a bigger chance of ending it earlier.
Good luck ...don't give up without a fight!!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks for your replays as I thought they are trying the usual bullying tactics to stop me taking this further they were adamant that once the year had passed any overpayments paid couldn't be clawed back because the creditors wouldn't allow it as we obviously afforded to pay ...... Yes we did but to our deficit giving more than 50% of overtime earned more like 90% of overtime has been paid back into the iva. It was GT miscalculations so it's there fault we supplied every documention as required which clearly gives a break down of our earnings.
I like the comment common sense should see a reduction to our extension but after nearly 5 years of dealing with GT common sense and that firm shouldn't really be quoted in same sentence lol. I've got to stick to my guns with this and then have the fun of equity release (everything crossed we should be ok as just received mortage statement and it's the same price as what the house has been valued) and then onto the closure fun with GT !!
I've answered this on your other post in detail - but just to summarise here, you need to work out exactly what you feel your income has been since you commenced the IVA, and put those facts to your IP.
Hi well some good news that GT have confirmed in writing that this years I&E is to be reviewd as our income on basic pay with only overtime / and bonus to be paid at 50% back into the Iva and payments will be altered ( no figures as yet as they are in process of conducting review) but the bad news is that they are only looking at income from January 2014. They still insist that even though they have conducted all our reviews incorrectly because we managed to meet the extra payments required that they won't take that into account. I have warned them that if this is the a case we have no other option but to take the matter to formal compliant against GT as they have failed to keep to the terms and conditions of Iva!! Fingers crossed it doesn't come to all that but I fail to see why we have been forced to overpay for the diuration of the Iva and now are facing an extension because I am no longer getting paid overtime.
