www.iva.co.uk

Guys I am in big trouble. Three years ago whilst in third year of my IVA I completed a degree course which meant my basic pay increased and I was eligible to do overtime. I received a letter today following my recent annual income/expenditure saying that over past three years I have not paid 50% my additional earnings into the arrangement. I am so stupid (degree or not!) I just didn't understand the requirement and the wording in my paperwork even now I have re -read it seems so ambigous. It is a sizable amount and I don't know what to do. I am so worried and I feel like I am never going to be rid of this debt. Just when I thought I could see the light at the end of the tunnel. Its all been pointless

Is the IVA now almost finished? If so you could ask for it to be extended to allow you to pay the funds owed?

Paul

Hello, I was told that under new rules you can no longer add missed payments onto the end of an IVA- they payments have to be repaid before the end of the iva year end. ie April-April, paid by end of March.

Should finish in June 2012 but have equity in my property so have attempt remortgage. Additional year will be added if I can't so will be June 2013.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by indebtscared

Hello, I was told that under new rules you can no longer add missed payments onto the end of an IVA- they payments have to be repaid before the end of the iva year end. ie April-April, paid by end of March.

Some companies operate this policy (unfairly in my view) however, it is not enshrined in every proposal and the only way to check is to ask your IP.

BTW .. and "IVA year", is not necessarily april to april ( which is the HMRC financial year). The IVA year runs from the date of inception to each anniversary thereof.

I think thats part of the reason I was so shocked. If I was expected to pay the money in I can't understand why they didnt pursue the matter after each year?

Would just like to add that if paid into the arrangement it would mean that I would pay back over £6000 more than I originally owed???

That would probably be right if that's the level at which your repayments were set. The £6000 "extra" would be fees. So you will have managed to pay back 100% of the debt, which is great.

You are still financially ahead, however, as you have not incurred crippling interest payments or charges.

Hi - as extensions aren't against the law (so to speak) you should ask again to extend the iva. I can't understand why they didn't ask for the overtime at each review but here we are now and you need their help to sort this out. You shouldn't ever pay more than your original debt plus fees plus possibly interest. That may well take you to £6k over your original debt. Good luck x

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by cookies68

Would just like to add that if paid into the arrangement it would mean that I would pay back over £6000 more than I originally owed???

Originally owed or what you were expected to repay over the term of the iva?

Is that including an equity figure?

Paul

When I say monies owed that is the figure when all the creditors declared. Total owed to all creditors was £21,243