Page 1 of 1
Posted: Wed Sep 03, 2014 8:54 pm
by steve9864
Hi. We had a sanctioned payment break back in 2010 due to family death. A few weeks later we received letter stating that our IVA was increased by 12 months A colleague also had a payment break but was only asked to pay back the 6 months owed. Can any body GI ve me an answer as to why?
Posted: Wed Sep 03, 2014 9:00 pm
by Shining
In general you would the IVA would only extend to cover the amount of the missed payments. I would definitely contact your IP to ask why the extra payments above the payment break amount. I'm sure they'll clarify this for you.
Posted: Wed Sep 03, 2014 9:09 pm
by steve9864
They apparently had written off the arrears but extended payments at a reduced rate (£367 down to £314) for a further 12 months.
Posted: Wed Sep 03, 2014 9:50 pm
by Shining
is that in lieu of equity or did you have a minimum dividend to meet?
Posted: Fri Sep 05, 2014 1:11 pm
by steve9864
Hi. Neither. They just wrote off the 4 months and extended it by 12. I think this wrong as I wasn't told I could challenge it.