As the end of my IVA draws near ....

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anthony
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by anthony » Sun Jun 17, 2018 6:20 am
Hi I think I have asked this before, but just looking for any confirmation.
I have made my 60th month payment in May, but due to missed payments previously (agreed with them) I have 3 payments left meaning final payment due in August.
Based on my last annual review my payments increased from 213 pounds to 691, which was fine and I have had no issue maintaining.
At the end of last year I changed jobs again with a pay increase, I informed the IP of the change of job and salary increase. I was told no need to worry it would be taken into consideration on the next annual review.
I am concerned now as I am now due my 5th and final review, while all payments have been met can they legally request additional funds or extend the IVA?
I do not have any equity or house but my new job is working in a war zone so I have managed to save a little, can they request more if the bank balance is for example is in excess of 15000 pounds at the end of the IVA.
As I said I am coming to the end of the IVA which is in itself a big thing, but the more I read on here the more questions I seem to have on what 'the end' entails.
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luluj
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by luluj » Sun Jun 17, 2018 6:38 am
The final review will look to ensure any additional payments have been made and will look at the income in the final year. If there has been a significant change in income they could seek additional payments but remember you are entitled to keep half of any pay rise.
What you have managed to save in your iva period from your allowances and your share of any increased income is yours to keep so cannot be enforced into the iva.
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Foggy
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by Foggy » Sun Jun 17, 2018 9:10 am
As long as you have correctly paid over the agreed "share" of extra income they have no recourse to ask for more. Sometimes an IP will come back claiming an underpayment, but they need to provide you with their calculations for you to either challenge or agree.
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anthony
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by anthony » Wed Jun 27, 2018 5:53 am
Just an update,
A couple of days after my first post received the request for the documents for final years review. All sent now, just waiting for response.
One question, as mentioned my IVA was extended my 3 months to cover missed payments. Will it be erased off the credit file 12 months after the last payment, or still 6 years from the start of IVA or 12 months after the completion certificate is issued.
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Foggy
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by Foggy » Wed Jun 27, 2018 6:36 am
anthony wrote:
Just an update,
A couple of days after my first post received the request for the documents for final years review. All sent now, just waiting for response.
One question, as mentioned my IVA was extended my 3 months to cover missed payments. Will it be erased off the credit file 12 months after the last payment, or still 6 years from the start of IVA or 12 months after the completion certificate is issued.


It will come off the credit files 6 years after the start (as long as it completes in that time) or once the completion certificate has been issued if later.
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