Advice

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lauraw

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Post by lauraw » Thu Sep 09, 2010 11:22 am
I have been in an IVA for almost 2 years. I had just started a job when I entered in to the IVA and within a month was given a £5K pay rise and I also earn commission some months. I have buried my head in the sand and never mentioned this to my IP,or never sent any payslips off. I am now really worried about this and want to come clean. Does anyone know what the outcome of this is likely to be. Will they add on any extras I have earned on to the end of my IVA?
 
 

liamjames

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Post by liamjames » Thu Sep 09, 2010 11:32 am
Hi Laura and welcome to the forums!

You will certainly have to send your payslips or P60 to your IP, otherwise he will eventually have to breach your IVA. After 2 years I'm surprised that he hasn't emphasised this clearly yet.

Usually if your income has increased you'll be asked to make affordable income payments before a certain set time. This is at the discretion of your IP, following the rules in your proposal as modified by your chairman's report. Read your proposal to see what it says about income reviews and how much you are supposed to pay, and phone your IP to check this.

The longer you carry on without sending this information, the more you risk breaching your IVA, the more you'll worry and the harder it will be to afford the income reviews built up over the last 2 years.

I'd phone today if possible. Best of luck!
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

lauraw

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Post by lauraw » Thu Sep 09, 2010 11:37 am
I have received my first and only letter last week to say that I would be in breach if I don't send my payslips so that is why I have posted on here today, as I am worried sick and feel like jumping off a bridge, it's not as if I have been living beyond my means beacuse I haven't :( I have today received a letter regarding my annual expenditure and income review. All I,m wondering is will they make me pay back everything that I haven,t told them about as I have no way of doing this.
 
 

kallis3

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Post by kallis3 » Thu Sep 09, 2010 11:38 am
Hi Laura

You really do need to speak to your IP as soon as possible. Have you never done a review in two years?

Who is your IP?
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
 
 

liamjames

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Post by liamjames » Thu Sep 09, 2010 11:55 am
laurawilliams wrote:

I am worried sick and feel like jumping off a bridge
Don't panic! Just phone your IP as soon as possible. I'm sure that they will be understanding, especially seeing as they have not requested information until now.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Thu Sep 09, 2010 12:24 pm
Laura - please don't do anything silly.

Dependent upon your IVA it may be that you would have been able to keep at least 50% of any extra anyway so it might not be as bad as you thought.

You might be able to make additional payments monthly to make up the shortfall or be able to tag them on at the end.

Speak to your IP as soon as possible.
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
 
 

kallis3

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Post by kallis3 » Thu Sep 09, 2010 12:37 pm
Laura,

I've altered your user name so that you can't be easily identified by anyone looking on here.
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
 
 

MelanieGiles

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Post by MelanieGiles » Sun Sep 12, 2010 8:18 pm
When you enter into an IVA, your IP ought to make sure that you fully understand the commitments you make to creditors and the duty that you have to keep your IP informed of changes in circumstances that would affect your payments. This is part of the bargain in getting creditors to write off a portion of the money you owe them.

All may be not lost, but you will only make the situation worse if you fail to co-operate with your IP. From my own personal experience, there is nothing more irritating than a client who does not provide the information we require to perform our review without four or five reminders.

If I were your IP I would understand the reasons that had led you to not provide the information, and would help you to get back on track - so don't delay with this, or make matters worse for yourself.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Shining

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Post by Shining » Sun Sep 12, 2010 8:35 pm
Hi Laura, welcome to the forum, excellent advice above and reassuring along with professional advice from Melanie.

Contact your IP as others say, tell it like it is and work a way forward with them. xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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