dear experts, i have a major problem within my iva and need some advise i feel my ip is not giving me the correct information. in brief when my iva was set up 3 years ago my payments were to increase year on year starting at £350 per month and by year 5 would be £1500 per month. these figures were set given the projected income from my business over the next 5 years however by year 2 my business failed. i spoke with my ip and he suggested a variation at this time i had 2 months of arrears which was allowed.this was all now some 15 months ago dispite my chasing calls nothing was done after the first few months i simply thought that the variation must have gone through.i now understand that would not have been possible.it has all hit the fan this week. with quite heated conversations as i have also learnt that my ip has changed his bank and my last 5 months payments have been bounced back to me which i had not picked up on which has put me over the arrears allowed. my ip is now talking about using my pension to clear all my iva debt as set prior to the iva being put in place . as i am 55 and pension law changed at the last budget. he is saying he can go through the courts to force this.if he can do this now it is only because he did not put my variation in place 15 months ago before the pension law changed. i would be very grateful for some advise. kind regards.
I think you need to take professional advice from experts or even a solicitor .... it doesn't at all fair but is way out of my comfort zone to give advice on.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It is not easy to get at a pension irrespective of the new rules or the old ones. This sounds like an idle threat to me as only a trustee in bankruptcy could even attempt this.
You need to sit down with the IP and try and resolve this as I am sure he does not want any complaints made against him and you do not want the IVA to fail.
I agree with Michael and think it is a threat that will not be enforced
Given the fact that you have attempted to make the payments I think your IP should work with you so that you can move forward.
Go back to them and ask for monthly payments to begin again with a view to extending your IVA to cover any missed payments
