Hi my name is mark and i am near the end of my 60 month term with my iva provider,on my 59th payment now,about 3 months ago i rang them to reduce payments as my wife lost her job and could not afford what we was paying,and they did lower it, also they said that at the end of the term we would still owe over £2500, I asked for what and the reply was "because of earnings in 2012" but we have not defaulted on any payments/or reviews and we have been sending them our wage slips without any defaults every six months, the mess is probably down to them as they have changed our adviser 4 times to our knowledge. We should not be penalized for there incompetence. please can you give me some info regarding this problem.
Also am I within my right to terminate payments after the 60 month payment term?
You can decide to terminate your payments but this may well be a breach and cause your iva to fail. Did you get your annual report in 2012? That should have mentioned something and the subsequent ones should have said there was arrears. Ask for a full breakdown. Personally I would not risk cancelling until I knew it was ok to do so. To fail at the end is ridiculous.
Hi I wouldn't cancel it but I would challenge it. Check your yearly statement if you have one and contact your Ip and say you want to complain. Complain through the right channels and if it doesn't work and you don't owe anything take it further . Hope you get it sorted out
Welcome to the forum .... Definitely challenge and ask for a full written breakdown but DON'T cancel ... to have it fail now for your own cancellation would be silly.
During 2012 did you earn extra money ?
Did you have a windfall of any kind ?
Is there an uplift payment due ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I echo the sage advice above. Although you have made all regular payments, did you have any pay rises, overtime or bonus payments which you didn't pay over ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Mark - I suggest you make a written request to your IP for a detailed breakdown of how they have arrived at the figure of over £2,500. Also ask them for evidence that they explained to you that the liability in 2012 would be deffered to the end of the IVA. You can then see what is going on and challenge it if you think it is not correct. Good Luck.
