www.iva.co.uk

My situation is that i have been in an IVA for around 15 months now. I sent in my pay slips for the year and i had a letter back on my review date stating that i earned £2600 over what i told them i would earn therfore i need to pay back £1300 by January.

i then told them that the cost of living had gone up. I needed to pay £30 more petrol per month and the same on shopping mainly because of the rate of inflation and also that my car engine blew up which cost me £1200 to repair. I needed to work that extra overtime in order to pay for these things.

When i told them this they said it didnt matter (i need to stick to the payment plan originally drawn up) and i need to pay £200 per month extra from now until January. I will need to earn more overtime to be able to pay the extra £200 and then when i have my review again they will say i earned more money again however that money is what i will have needed to pay them extra!!! Its a no win situation. I never had a luxurious year last year where i was able to go on holidays etc... I just had to do overtime to pay for the car repairs plus living costs.

what do you suggest??

also i have had a couple of letters about being misold an IVA? has anyone else had these and what do they mean?

many thanks

hi - i am sorry you are panicing!

we have just had our iva approved and we have to pay 50% of our overtime after we have earned 10% of our normal pay, i am going to transfer the surplus each week into another account and then pay it over to our ip each quarter. we are only just starting out and i can imagine it must be hard when unforseen things crop up

hope you get it sorted soon

love barb x

Hi and welcome to the forum. Have you spoken to your IP directly, about this. The 50% overtime is a standard type clause which most of us have. I would speak directly to your Ip and ask for some of the extra costs to be offset if possible though you will need receipts I would think. A possibility is to add a couple of payments on to the end of the iva to cover the shortfall. We earn a lot of overtime as well, but pay the 50% over each month to avoid this type of thing happenening. May be worth considering.As for the letters tyou have received I would tink possibly hampton trust or iva council. These are best put in the bin, they will just offer to assist you through bankrupcy at a cost ,if your iva is going ok aprt from this prob at the moment be careful. Your Ip is always the best person to speak to first.
I am not a technical expert so please wait for other answers. I do hope you can sort something.

Ang

Given the current climate of high increased costs, I think that your IP ought to be a little more lenient with you regardin the additional monies you need to pay over, and it would seem fair that increased expenditure be deducted firstly before applying the 50/50 split.

This also demonstrates the need to monitor things like this during the year, and not just leaving things to the end of the year when you might have a nasty suprise.

we are our 2nd year into our iva and we also have the 50% and paying extra contributions due to pay increases we are finding it hard to pay each month and we are behind with the 50% we never agreed to the 50% inthe first instance what can we do?. You should seek advice

facingittogether wrote:

hi - i am sorry you are panicing!

we have just had our iva approved and we have to pay 50% of our overtime after we have earned 10% of our normal pay, i am going to transfer the surplus each week into another account and then pay it over to our ip each quarter. we are only just starting out and i can imagine it must be hard when unforseen things crop up

hope you get it sorted soon

love barb x

Nemo - you must discuss this with your IP who will need to understand why you are struggling, when you have your share of the 50% on top of your usual allowances.

we pay our IVA extra overtime by cheque each month when I send in payslips, then I know its done.. saves worry of extra payments

We have to send in our payslps every three months, I think this way it's better than being left with a nasty surprise at the end of the year.

We had to use nearly all our contingency last month to get our car repaired. This month we have received three months back pay for our pay rise, this just about covers the repairs. We have been told to send off the repair bill by our chosen company and they will try to offset this from our 50%.

Can't get any fairer than that, I will keep you posted to see if it turns out that way.