www.iva.co.uk

Hi all,

First time poster, long time lurker!

I was reviewing my paperwork the other day, and according to my records I will pay my 60th and last payment in June this year, however my IVA officially started in September (date of the court hearing etc).

Is it normal for the payments to finish this far ahead of the actual IVA concluding, or will I be expected to pay until September?

I can't really remember, but I guess it took my company a while to organise the IVA, hence the "advance" payments I've made.


Thanks,

James

P.s. great forum, fantastic advice, certainly helped me through these past years!

Hi James and welcome.

I presume you must have paid some payments upfront? Did this form part of your IVA or were they extra?

You need to speak to your IP to find out exactly when your payments are due to stop.

Which company are you with?

Hi Kallis, thanks for the welcome!

Yes, going back through my records, I had started the payments earlier than the IVA date due to "demonstrate to your creditors that you are committed to the IVA and that you are willing and capable of making voluntary contributions..." (I asked my IP why I needed to start payments before acceptance.

Taking another look, the figures do add up, looking at the total contributions/monthly payment as detailed on my last review paperwork.

I am with Clear Debt (previously Synergi).

Thanks,

James

Hi,

Give Cleardebt a ring to find out exactly when you are due to stop. Was Synergi the first company you contacted or were you sent on them from another firm?

Size5 from Cleardebt posts on here so he may be able to help.

I should ring them really, just thought I'd make the effort to post on the forum to see if it sounded normal!

I was put on to Synergi by The Debt Councellors, which I've since learned was part of the same group.

Thanks,


James

I've no idea on that one but do speak to Cleardebt who will clear this up for you.

Fingers crossed for you that the money went into the pot rather than being a referral fee.

I rather suspect that it may have been a referral fee. Hope I'm wrong though!!

Let us know James.

Hi all,

I've just heard back from Cleardebt (via email) and they have confirmed that I was correct, and I only have two more payments to make, and that they will be sending out some paperwork for a final review.

I'd completely forgotten about making these payments before the IVA started, and fortunately they've gone into the pot, and not taken as a fee etc.

Effectively, this means I'll stop payments in June, 3 months before my IVA is due to complete in September.

I'm still a little nervous this could somehow be wrong, as I can't understand what would happen in the last three months? Can they close it early when no further contributions are to be made, or will it just remain active, with nothing happening until the "official" 60 months are up?

I think I'll put aside the final 3 months payments, just in case I've been ill advised, and have to continue contributions.

Thanks,

James

You could have a great 'blow out' if you don't need the 3 payments James [:D][:D]

You were lucky then James and I'm glad these payments were taken into consideration.

Good idea to put those payments aside - if you get to keep them you can treat yourself!!

Hi Merlin,

I'm hoping this will be the case, although I'm so used to being careful with money now, and this sounds stupid, but it will be hard to justify just splashing out on something!

Hi and welcome from myself too. Glad that's sorted for you and I hope your debt free future is a very rosy one indeed.

I'm coming to the end of my IVA and being careful is a way of life and like you I need to justify everything I spend. x