My wife and myself are in the last few months of our IVA, and my IVA Company says we owe them £10,000 from over earning from 2009to2014. They didn't tell us at the time but waited till sept2014 when our IVA was nearly finished. Just wondered if this was legal for them to wait till near the end and ask for, what is more than half the debt we owed. Thanks for any help you can give me
Cheers now
Hi. If you earned extra during the IVA they are entitled to the money as you agreed to pay it. Yes, it was remiss of them not to tell you sooner, for which they bear some fault. However, it is your responsibility to make the extra payments as and when they occur, which you have failed to do.
I am, of course, assuming that you agree this money was earned and the agreed portion not paid over as per the terms of the arrangement (usually 50% of the extra earnings). If not, this has to be sorted first.
Being "half a dozen of one and six of the other" and fault on both sides, your firm should work with you to help you pay this amount, possibly by extending the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Wouldn't advise anyone to go with them. When they said we owed them £10,000 (which was more than half of what we owed when we took IVA out 5 years ago) they said it won't be like your IVA we'll want it back over 9 or 10 months not 5 years you can aford it........!!!!
I know it doesn't sound like it, but they are being helpful ( in the circumstances). There are some firms out there that would want it in a lump or fail the IVA !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am sorry to hear about the problems you are having with your IVA.
We do contact clients to try to complete a review of income every six months and a full review on the anniversary of the arrangement. Clearly if anything changes in between these reviews we will also complete a review of current circumstances. Between reviews we also ask clients to keep us up to date – for example by sending in pay slips each month.
Additional monies are calculated at each review and confirmed both over the telephone and also in the annual report that is issued shortly after the review takes place. If we have been unable to complete the review the annual report is still issued to both our client and their creditors as the terms of your IVA require us to do so.
I am concerned to read your comments about not having completed any reviews and your missing wage slips.
You are welcome to contact me directly so I can look into this for you and get in touch, my email address is Sarah.Jolly@FreemanJones.co.uk.
Thank you
Sarah
Sarah Jolly IMA CMAP - A member of the IVA team at Freeman Jones
