www.iva.co.uk

Long story here : I entered an IVA in 2006, the first year was hell, they took way too much money from me and i kept running out of money in the first week each month. A friend helped me out but meant i owed him a lot of money. I moved house and also got a better job, neither of which i declared to my IVA as i was scared they would take more money from me, which i felt i couldnt afford. Long story short, i have never uopdated my IVA with any pay rises, i started getting phone calls from my IVA about a year ago which i ignored, i admit i was stupid and buried my head in the sand, i made my payment every month and thought that would be fine. Today i got a letter in the post from a creditor that was covered by the IVA, i assume this means the IVA has defaulted? I have made my payments every month for the past 4 years. I tried to call my IVA but they are closed on Saturdays. Can this be sorted or have i just wasted the past 4 years?

Hi and welcome to the forum.

It may well be that your IVA has failed. You need to speak to them on Monday to see where you are.

What company are you with?

Hi may I suggest you contact your IP without delay on Monday morning first thing to see where you stand with your IVA and explain everything to them in full what you've told us tonight. I don't personally know what will happen but maybe on the IP's who post on the forum will be along later to give an opinion. All the best. x

Oh no, such a shame this has happened but am sure that once you talk to your IP you will get answers. Who was the letter from. Thou my creditors meeting has yet to happen I had a letter from Tesco Finance that said every 6 months they have to send a letter detailing. Could this be a standard thing.

You have breached the terms of your iva and if it hasn't been failed yet, you will almost certainly have to continue until all the undeclared income (as required by your proposal) has been repaid to the iva. Did you realise that by not declaring anything you were in breach? It just seems strange that you would set your iva on a course to fail and still make payments.

Did you not have any annual reviews?

was your divi set to i,p.

If your IVA was failed I think there are some serious questions to be placed to your IP company as to why they continued to take payments!!

The fact that they are still taking payments suggests you are still going. Speak to them straight away and hopefully things can get sorted.

This all sounds very strange - I don't understand how your IP firm could let this go so long without contacting you. The first thing to do will be to check if the IVA is still live - if you have moved house without telling your IP, then they cannot be blamed for not letting you know about this.

If the IVA has failied, then you may be able to put another one forward, but do make sure that next time you are able to give your full commitment to the repayment plan.