www.iva.co.uk

We've just entered our 6 year extension as we were unable to remortgage and just had the 5th year review. We were issued with a breach notice requesting £2400 for excess earning. I'm very angry as after last years budget, we had to purchase a second car in order for me to keep my job. To pay for this my partner increased her hours and earnings so the gap between earnings and expenditure remained the same. I telephoned our IVA company and was told it would be sorted at the next review so we didn't worry, until we got a breach notice. I've contacted the IVA company who accept we had the extra expenditure but now say it's too late to amend the budget and we have to pay the extra money in. We don't have any savings and cannot find this amount. They said we should put a proposal in writing to remedy the breach but it can only be for another 6 month extension which wouldn't be enough to cover the £2400. Any advice would be welcome as we're now at our wits end coming so close to the end. Would they be likely to accept a smaller lump sum at the end of year 6, at least we'd have a chance to find it by then, really don't want to fail and don't want to have to extend again into a 7th year!

Hi

Offer a lump sum if you can to settle the outstanding £2400

You do not want your IVA to fail at this late stage so whatever happens keep plugging with a way forward with your IP

Good Luck

Regards

I'm not sue why they're saying its too late to 'amend the budget'. If you sent them all the evidence regarding the increased earnings and expenditure then the contributions should reflect this.

IN addition it sounds as if they told you it would all be okay, although it sounds as if you didn't get this in writing to them.

Send them all the details now by recorded post and ask that they reconsider the position or you might consider making a complaint.

In future send all details regarding all changes, in writing, as soon as they happen.