I entered an IVA 5 years ago and have just made my last payement. I've never missed a payment, however, due to ill health and suffering a breakdown. I had to go part time self employed and therefore my salary decreased. i've supidly ignored and not submitted any annaul financial reviews, will the IP fail my IVA because i haven't submitted these reviews. Any help and advice would be appreciated and if I can stop this from happening.
Hi Dugsie --- to be frank, your IP is as much at fault here because he has a statutory duty to carry these reviews out annually, in which he has failed ! I am assuming he has not mentioned it either.
We have had one or two forum members who did go right through with no contact whatsoever, and were formally signed off anyway (maybe you share the same IP!).
Contact your IP and mention that you have made your last payment and would like to confirm that you can cancel the direct debit / standing order and see what he says --- then take it from there.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy. My IP is Debt free direct. I have actually now plucked up the courage and spoken to them, as it turns out i've actually overpaid by one month, my last payment should have been 4th Feb, but it looks like another payment has come out of my account today, I did tell them that I would be cancelling the direct debit so no further payments will be made, as to what will happen with the over payment is yet to be decided. They have asked me to do a financial analysis of this last year. The advisor told me that once they have received this they will make their decision as to whether to close it or add another year. I wont be happy with another year as it's been tough making the payments as it is. I have mentioned to them that my salary has gone down dramatically (which they will be able to see from my tax return) as i'll health ment I could only work 2 days a week and I feel as i hadn't asked for a lower repayment and just struggled through and didn't miss any payments, surely that should go in my favour and they should just close it.
I am amazed that your case has been allowed to drift with you not co-operating to the process Dugsie, but this could now work to your advantage as your IP is unlikely to make a fuss when they appear to be non-compliant with regard to their supervision.
They should only extend the term of the IVA if there are monies due which you have not paid over - not as a penalty for non-co-operation unless the terms of the IVA specifically allow for this. I respectfully suggest that both sides may just want to get the case closed as soon as possible.
Although I definately do not condone failing to co-operate with one's supervisor, it seems admirable that you have actually managed to maintain payments under such adverse trading conditions - so a little credit perhaps should be allowed.
Hi what was the outcome of the iva I'm in the same position with annual reviews and approaching my 6th year end as they could not get equity release from my property
Did you manage to do an I&E at all? If not then I suggest that you contact the IP company and explain this to them. It maybe that you have slipped under their radar.
I imagine that Dugsie has finished his IVA as it was almost completed when this thread was started and he's not been back since.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Fatsnacka
I completed my IVA in May this year. It was a 6 year one without the equity extension. They never contacted me once to do the Income and expenditure review except for the very last month i was in it.
Incredible that some companies are so on the ball and others are not. Some clients slip through the I&E net and some are scrutinised with every spend (or it feels like it).
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Basically, if they are not conducting annual reviews, they are failing in their obligations to the creditors, which could, ultimately, jeopardise the IVA, through no fault of your own.
I know it is tempting to sit back and let it carry on, as reviews can be bothersome and worrying times, but it could come back to bite at the end of the term.
Personally I didn't wait for my IP to ask for anything --- I knew what they wanted, or needed to do and sent them the required information, whether they asked for it or not. They are there to supervise your IVA, not run it entirely.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I was with DFD when my salary dropped by £200 a month in year 2 which they knew about from the reiews my payements stayed the same at£338 a month and it was a struggle and it stayed that way for the next three years if I had known about the forum then I would have asked questions of how to maybe lower the payments my original debt was £24,000
Finally! Someone has had the same experience. I've now completed the 72nd payment of my 72 month IVA (extended at creation)
DFD have asked that I complete a "final" I&E review however they have never asked that I complete an annual one - ever.
Looking into it, I do wonder how they have been completing my annual report to creditors without this information?
My situation has changed quite a bit - more outgoing and more incoming so am concerned they will try to extract more?
I've never missed a payment, deferred a payment and have complied with all requests they have made (informed of new job, completed PPI and signed new T&Cs) - but I am concerned now that the final payment has been made more than I ever have been about it. [:(]
Any advice should things get difficult? I appreciate that they have not completed their end of the agreement - I do not understand how I was not in breach at the end of year 1?!
It could be that they have simply been rubber stamping a report for creditors, though, to be fair, you could ( should) have queried where your copy was. I would say that, if they decide there is more owing, you counter claim with the increased outgoings to mitigate the amount, whilst also asking for a detailed explanation of where they got their figures from.
If they are not helpful in resolving the situation you can then lodge a formal complaint with them which you can escalate to their regulators.
However, we are putting the cart firmly before the horse here --- see what happens.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Well, they've sent me a letter request several thousand - this is five months after my "final" payment was made.
They have calculated a salary increase and multiplied it by 12 - the salary increase only took effect 7 months ago. I understand the logic, as this would capture the period since my last annual review - however, as I said, I've never had a review
How strong an argument do you think them not completing the annual review is? If I am going to complain, I would like to be well-prepared
Also, there is still outstanding PPI which appears to have not been calculated into the equation. I am waiting for their closure team to call me back but this is quite stressful. Any advice would be greatly appreciated!
Personally I wouldn't try to push your luck. Your IP ultimately holds the trump cards and has the 'trust' of your creditors on his side. Trying to outflank him may be the wrong tactical move and you end up with 5 years of payments and a failed IVA. Just abide by what is decided and, as hard as it is to take, make any further payments. I'm not saying don't argue the payment amount or length of time just be very diplomatic about how you word your argument.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I agree with Merlin in that it would be foolhardy to attempt to outflank your IP. However, he / she alsio has a vested interest in assisting you with the matter. Yes, if anything is rightly due, then it has to be paid. But your IP should allow you to make monthly contributions, rather than demanding a lump sum. For one, it is reasonable to assume someone just out of an IVA isn't going to have a large lump sum available and, therefore, unreasonable to ask for one. Also, your IP has been remiss in allowing the situation to develop. As Merlin says, he or she enjoys the trust of the creditors and shoddy practices can harm this relationship going forward. But .... be diplomatic. As they say -- more bees are attracted with honey than with vinegar.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014