www.iva.co.uk

what is a variation at the end of an iva

Hi Tony -- it depends upon the IVA and the circumstances --- a variation can be for a number of things ... to extend the length of the IVA ( or to shorten it) ... to facilitate collection of PPI refunds ... to change terms.

Have you had one mentioned to you ?

I had mine varied at the end of the iva to allow my iva to be closed whilst ppi was being investigated. I received my closure cert last month so I am off the insolvency register and I am no longer bound by rules such as redundancy or a windfall would need to be given to them, but they are looking in to claiming ppi on my behalf which will be paid in to the iva.

Has your IP suggested that your case may need a variation Tony? If so, what reasons have been given for this - and which firm are you actually with?

Sorry i did not get back to you but been trying to reset my password.I am with Harringyon Brooks they have been good throughout the IVA,I have the Sept payment to pay and that is my final payment,that is what my IP said but there is a short full and a variation meeting is needed,but she did stipulate this is my last payment.I am wondering if this is for outstanding PPI to come in,so far this year about 20,000 pounds has gone to my IVA from PPI,she also said that the variation representative would be in touch,on reading my contract they must do this up to seven days before my my last payment,so i am waiting to find out what sort of variation it is.