I have finished my payments of IVA - paid regularly and no default. However my IVA company say that i owe £6000 altogether as when i got increase in income i didn't pay extra back. This was not notified as an ongoing issue (i know it says about overtime payments need a percentage paying back when they occur, but i didn't think i should have to tell them about it myself and thought that as they had access to my bank statements and i sent in my payslips when asked they would put up the amount i had to pay back on a six monthly basis. They, as far as i am concerned should not have let this amount get so high (i couldn't manage money well so took out a Think Banking managed account to help me with this. I have written to them to ask them to look into this, but the IVA payments stopped in August 2013 and i have still not got notification that things are settled.
Hi Jill. I agree that your IP should not have allowed the arrears to accumulate to such a level, but, at the end of the day, it is your IVA and you are responsible for adhering to the terms.
You will not have had notification that things are settled because, simply, they are not settled.
Hopefully they will allow you to pay any arrears over a period.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Are you with Freeman Jones by any chance I have read a few threads about this happening with them, I have my iva with them and it does state in my IVA that any extra income over 10% has to be split 50/50, We have only once had an occasion when our income has exceeded this and when I sent payslip in I highlighted fact and asked them to inform me of what extra payment is needed, this way I can keep on top of any extra payments and will not have a nasty shock at the end of iva
