Annual Review

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Grayson.sc

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Post by Grayson.sc » Sat May 28, 2016 10:13 am
Hi, We are 3 years into our IVA and we have this morning received our 12 month review and annual report that has gone to our creditors. The report states that we are a payment in arrears and yet we have never missed a payment. It also states that the payments are to be increased and yet I have had no notification of this or what it would be. Our circumstances have not changed ever since we started the IVA and after years 1 and 2 the payments stayed the same so how can they justify an increase now? Obviously I will be ringing them on Tuesday thanks to the B/H weekend but I was just wondering if anybody else has experienced this? Rant over, thanks:-)
 
 

kallis3

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Post by kallis3 » Sat May 28, 2016 10:34 am
You may find it is an admin error and so you need to get this sorted out.

Always happens on a holiday weekend doesn't it?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Grayson.sc

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Post by Grayson.sc » Sat May 28, 2016 10:48 am
I am hoping it is an error fingers crossed. I am assuming they would have to legally inform me if the payments were going up? Thanks kallis3 :-)
 
 

kallis3

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Post by kallis3 » Sat May 28, 2016 10:48 am
They should tell you, and tell you why as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Sally1966

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Post by Sally1966 » Sat May 28, 2016 12:39 pm
After my 2nd review it said I was in arrears by 2p and id never missed a payment either
 
 

kallis3

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Post by kallis3 » Sat May 28, 2016 12:52 pm
2p? That's a joke surely!!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Sally1966

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Post by Sally1966 » Sat May 28, 2016 1:20 pm
Nope Kallis3 not a joke 2p but not sure how nothing was done to recover it
 
 

kallis3

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Post by kallis3 » Sat May 28, 2016 1:43 pm
That is really taking the mickey!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue May 31, 2016 10:10 am
Grayson - follow up and let us know how you get on. If you have problems make sure you send in writing via recorded delivery so you can escalate to a complaint if necessary.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Grayson.sc

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Post by Grayson.sc » Tue May 31, 2016 10:49 am
Thanks Lisa. I've just had a lengthy conversation and they have confirmed that I am not in arrears and that it was due to my anniversary date and payment dates being different. I have requested thus in writing. They gave also said that they are increasing my payments. I have been told I need to wait until it arrives in the post and I need to ring back to discuss. The lady I spoke to said a figure was on my file that would mean an over 55% increase in my payments. If that happens I have no idea what we will do.
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue May 31, 2016 12:11 pm
Suggest you ask them for a breakdown of the calculations and see if they are right.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Grayson.sc

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Post by Grayson.sc » Wed Jun 01, 2016 8:46 pm
Well following on from my phone call on Tuesday. We now have a letter confirming that our account is up to date and not in arrears. The 4 line letter then states "Your next payment is due on 26-06-16 and will be £357.00." This is a 55% increase on what we were paying and there is no explanation or anything. The only reason they have written to us is because I phoned them querying the annual statement. Can they demand more money just like that with little notice? Looks like I am making yet another phone call in the morning. I will try my best to keep calm but no promises. Aaaahhhhhhh
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Jun 02, 2016 9:28 am
Ask them for a breakdown of how they have arrived at this figure.

Also ask them what they plan to do about amending the erroneous statement in the annual report that was sent to creditors advising them you are in arrears when you are not.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Grayson.sc

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Post by Grayson.sc » Thu Jun 02, 2016 9:06 pm
I have had the breakdown emailed to me and the increase is due to a random month that had a lot of overtime on. I can't seem to get them to understand that that months overtime is not a true reflection of our normal wages. I have got them to agree to me to resubmit my latest bank statements and wage slips which will hopefully resolve the problem. In addition, they seem to take off the milage allowance but they are refusing to take off a milage disturbance alowance which is currently being paid due to a relocation of office which really doesn't seem fair. These last few days have been horrible and it's brought back all that horrible anxiety pre iva.
 
 

Lisa Thomas

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Post by Lisa Thomas » Fri Jun 03, 2016 9:18 am
The months overtime should not be averaged out - on the assumption you have standard 10/50/50 terms they should be asking you to pay 50% of the net increase (after retaining the first 10%) for that month only.

So if the net increase was £100 you keep the first £10 and they get 50% of the balance, which would be £45.

Have a look at your proposals for the clauses about overtime.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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