So my husband has an IVA and he is now about to finish it, with just a few more months of payments. I've been tracking the payments that we've made to his IVA and the PPI claim that he have received also, and according to my spreadsheet his IVA was supposed to finish by August when he will have paid 100% of the full debt that was declared and agreed by creditors + IVA practitioner on day 1 of the start of the IVA (£21.679,00 including practitioner fees and all the other fees) but the IVA company is saying that his IVA only will finish by October and that the additional pay of £1,552.10 is moved to a separate account and won’t show in the voluntary contributions.
I would like to know why that additional pay will not be used towards his IVA payments? And if so, why they keep it? Can he get a refund of it? Is this even legal practice to be done if he is paying the IVA 100% of the initial value agreed for his debt?
We are a bit confused with this and would like to have some input from experienced practitioners as we feel we are being prejudiced.
It's plus statutory interest in your husbands case.
Also check the wording of the protocol is under - it may say something along the lines of "at the discretion of the IP".
That means that there is a distinct difference between will, must, should etc.
It's a cop out word similar to "review".
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
