I am coming to the end of my IVA with the last payment being on the 1st August 2016. We are in rented accommodation so no chance of releasing equity.
Our IVA Company MoneyPlus Group has now decided that we actually owe over £9,000. They advised this last September. I disputed this and was told that it would be looked into. they also advised previously, that there was documentation missing wage slips etc. But I sent them copies of the emails I sent. This has happened several times before.
I sent an email and also copied the complaints team in. I received a called from a supervisor to discuss my case. He explained that they had previous problems with their system, which had now been rectified, but offered no real explanation.
The bottom line is that they say that the IVA will have to be extended for a further year to pay of the additional debt. The reason is that now they have had a full review of all the paperwork, the extra money is evidenced in the paperwork sent and there is nothing they can do.
What I am disputing with them is the way the IVA has been managed with no opportunity for me to make arrangements for the extra payments during the term of the IVA and it now feels that they are playing catch up due the shortfalls in their system and being forced in to extending the period of payments beyond the 5 years agreed in the first instance. They expressed concerns that that if they had asked for additional payments, there would not have been funds available to meet the payments and I agree there is no guarantee if the shortfall could have been paid during the term, but we should have been made aware of this and at least given the opportunity, at least then we would have expected an extension in the term of the IVA.
Is it normal for an IVA company to play catch up at the end of the IVA? I understand there may be a final review, but to go back and ask for money form previous years just doesn’t seem right, as I have supplied all the information.
Are they saying that you have missed some contributions or that the contributions were increased but you only paid the lower sum?
As regards asking for your P60 at the end of the period yes this is normal - they have to check the last year to make sure no additional payments might be due from say overtime or bonuses you might have had that might be payable into the IVA.
There are no missed contributions as payments have been made ever month. There is about £300 owing from the first year as Money Plus took over the Debt People and there was a change in payment dates. However it was agreed previously that I would pay this at the end.
I am waiting on the exact details of how the £9,000 is made up, but as far as I can tell they are from increases in Salary and bonus, which they are fully aware of as wage slips etc have been sent in every year.
I understand about the final review, but it seems unfair to go back over the last 4 years, when we are so close to the end.
I agree its unfair, especially if this was the oversight of an IP.
Once you get the full breakdown I would look to challenge/complain however ultimately you may find in not paying the sums (if the figures are correct) then you are still in breach of the IVA and without a variation via the IPs discretion or agreement by the creditors your IVA could be at risk if you cannot get something agreed.
Personally I would look to ask creditors for a variation and/or suggest that the IP reduces their fees accordingly if its found to be a result of their own poor management.
The only variations are the £300 I have already mentioned and there was £1700 extra in year on. however I had already spoken to them about this and my car had blown up and they agreed that this could be offset against the purchase of a new car.
I provided the with all the evidence, including invoice for the new car and evidence of the old car being scrapped.
This was mentioned in the second review, however I referred them back to the previous year and again sent evidence.
Year 3 was just a standard letter with no mention of anything outstanding.
Year 4 was when it all kicked off.
I will wait and see what they say and then take it from there.
Did you get anything in writing from them on the £1,700 agreement (you say it was mentioned in the review - did they state in the report that they had agreed the offset)
So as far as you are aware your arrears are £300 unless there's anything in year 4 to come out of the woodwork.
Once you get a better idea of how the £9k is made up feel free to come back to the forum for advice/opinions.
I finally got details of how the extra money is made up. However the income figures on the spreadsheet do not relate to the figures I put on the yearly expenditure form. They are a lot less, therefore when the calculations have been done against my actual earnings there is a large difference,even though I have completed their forms correctly.
Money plus say it is shown that the money is owed and my argument is that the data they have used is wrong. Do I have an argument that they have not treated me fairly and not managed my IVA correctly ?
Of course you do. This is really really shoddy. If you have submitted the correct data on time each year and not only have they done the calculations each year wrong but are now using the wrong data. Have you got all the evidence of sending the I/e in. Even a confirmation email.
Did you pay the bonus and additional monies when due? In my iva, I was responsible for making the payments within 14 days of receipt and I emailed slipsfor them to confirm my figures from.
The figures on their spreadsheet may be the recommended allowances, did you prove your actual expenditure with receipts / bills?
If you have, I cannot see why they are nowclaiming you owe extra monies.
This comment is a general one that I have said before, the iva is yours and it is your responsibility to comply. You need to get everything confirmed in writing as there is a turnover of staff to ensure things do not bite you on the backside in your final years.
Last edited by relieved33 on Tue May 17, 2016 12:02 am, edited 1 time in total.
Hi thanks for the replies. I have all the evidence including copies of the emails I sent and all the I&E forms. The Bonus I get is a yearly bonus and they are aware that I get this each year in July.
I am going through their figures with a fine tooth comb as things like Council Tax have not been updated even though the I&E form shows an increase.
I have to call them on Wednesday so will post another update after I have spoken to them.
Check your terms re the annual bonus. I know others in the past have had the payment due calculated on the monthly amount of salary not the yearly salary total. That can be a significant difference if it was a substantial bonus.
It's a good job you have kept copies of everything and a lesson for everyone!
