Extending my IVA due to a higher debt level?

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Post by zoe905 » Mon Nov 09, 2020 1:20 pm
I am 3 years into my IVA but have been contacted by the IVA company to say that one of my creditors are now claiming my debt amount was incorrect and is now 15% higher. They have requested my permission to call a creditors meeting as all parties will need to agree to the new debt. They have also advised that this could add up to 2 years onto my previously agreed 5yr payment plan. I have asked how this is possible as the creditor in question is linked to a credit card . Surely the debt 3 years ago would not have changed! The IVA company seem to be quite evasive and have just said this happens a lot. I could not find anything on the internet about this and the company are really pressurising me to agree to the creditors meeting.
None of this feels right and do I hope someone can advise me if this is legit, before I agree.
Any advice would be greatly appreciated.

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Post by kallis3 » Mon Nov 09, 2020 1:32 pm
I have not heard of this either, you need to insist that they provide you with the evidence that this creditor has supplied. Ask what will happen if you don't agree to a meeting. Hopefully someone else can come along with some answers.
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Post by Foggy » Mon Nov 09, 2020 1:49 pm
Often the amounts claimed differ slightly from the amounts you declare and up to 10% is allowable. I would ask for specific details as to what this creditor is now claiming and why it differs so much from earlier disclosure, which, I assume would have been based on a recent statement at the time of the proposal.

Of course it depends on the actual figures involved, but 2 years extra seems, on the face of it, excessive.
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Post by size5 » Wed Nov 11, 2020 7:59 pm

Just for clarification, you need to ascertain whether the debt was included in the IVA at the beginning or not. If it wasn't and is a new debt, then if it is over 15% of the original debt level a new meeting of creditors will need to be called. If this is the scenario, speak to the I.P. about the voting habits of the creditor concerned. You have every right to keep the original proposal as it was (effectively, everyone else will get less) and they have every right to refuse such an offer. Going in with an extra 2 years as your opening gambit does not make sense to me.

If, as I suspect, the debt was included in the original proposal, then either they voted or didn't. Either way, they had the same timescale to vote as everyone else and cannot now come in and expect you to change your proposal, nor can the I.P.

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