Annual Review - help please

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hammerette

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Post by hammerette » Mon Jul 06, 2009 5:38 pm
Hi
Some advice please, we am just entering into our 4th year of our IVA. In September 2008 I received a copy of my annual review, with the annual review it had the years before annual review aswell, which i thought was a bit strange, shouldnt i of received this after the first year -the review stated that we with the increase in income need to pay another £2800 for the past two years,we had a variation done as we had a drop of £400amonth in tax credits so the iva payments changed from £420 to £212. The iva company agreed the variation due to incomings and outgoings, so why have they now asked for this money, yes our income did increase and that is why our tax credits fell dramatically. I spoke to the iva customer services and they got my account manager to check the details and they said it is correct I need to pay an extra £2,800 - I am in an IVA, I dont have savings or money like that, they had calculated the increase in wages but did not take into account the reduced tax credits of £400 a month difference, they said benefits were not part of income based calculations, but they were used to calculate my incomings originally, I spoke to national debt line and citizens advice and both say that the benefits should be calculated as a loss in my income if they are reduced, I fed this back to the iva and requested to speak with my IP to this day i still have not heard from my IP and am worried as they are about to do my 3rd ann review - any help and oh how i wished i had gone with a different iva company
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 06, 2009 7:51 pm
It is not acceptable for your IP to demand two years worth of back payments from you if they have not completed proper reviews.

Your IP will need to explain to you exactly how they have arrived at this figure, and why it has taken them so long to chase you up. Which firm are you with as a matter of interest?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Julie

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Post by Julie » Mon Jul 06, 2009 7:54 pm
Hi there - well done for getting this far with the IVA. What a shame that you are having this worry at such a late stage. Surely the benefits are part of your income.

What company are you with? Have you emailed your IP direct?
 
 

hammerette

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Post by hammerette » Tue Jul 07, 2009 12:19 am
i am with blair endersbly
 
 

hammerette

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Post by hammerette » Tue Jul 07, 2009 12:21 am
are you able to transfer your iva to another company, i dont think i can but its worth a shot
 
 

hammerette

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Post by hammerette » Tue Jul 07, 2009 12:30 am
i forgot to mention the variation was done after my 1st year, and they advised me that due to the reduction in my payments my IVA would in effect start again so the iva would now be 6 years instead of 5, they also advised that the £2800 they say i owe from the differnce in earnings could also be added at the end which would make it probably another year again, when they send paperwork through to do with reviews it always states the original figures of salary and benefits and our agreed payments and not the figures since the variation, so i always ring them and they say its fine it is always done this way - i dont have alot of faith in this company and feel that even though i am in my fourth year now i still have a few years left
 
 

MelanieGiles

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Post by MelanieGiles » Tue Jul 07, 2009 7:52 am
I am afraid that it is very difficult and expensive for you to apply to move your IVA from one company to another, and you would have to have very good grounds for a Court application. This is actually very rarely done by a debtor.

Get your IP to give you a clear statement of account as to what is owed and the length of time they now expect you to pay over, and seek a second opinion if you don't agree with their calculations.
Regards, Melanie Giles, Insolvency Practitioner
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