Final payment query

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
skint solicitor
Posts: 4
by skint solicitor » Tue Nov 14, 2017 9:29 pm
Hi, we are almost at the end of our IVA. I can’t say it’s gone too smoothly. The company concerned have been pretty useless and there have been a few disputes along the way. We now have come to the end of the arrangement but have some arrears. We can afford to pay off the arrears in one payment but the company want to know the source of the funds. Hypothetically speaking if the funds have come from something like a tax rebate could the company insist that these funds go into the IVA rather than towards the final payment.
User avatar
luluj
Forum Expert
Posts: 9871
Contact
by luluj » Wed Nov 15, 2017 4:29 am
How much are the arrears ? Is it possible you have saved this amount from savings from your allowances ?
If it is coming from a tax rebate then it may be classed as a windfall and will be used as 'extra' and the arrears remain payable.
User avatar
Foggy
Forum Expert
Posts: 24130
Contact
by Foggy » Wed Nov 15, 2017 7:44 am
As luluj says, if the source is something like a tax rebate it may be payable into the IVA anyway as a windfall. Different IP's do tend to treat these rebates according to their own definitions, so it is difficult to say. Cleaner if you can arrange for it to come from a third party (which will have to be evidenced) -- you can always repay the third party from personal funds after everything is done and dusted. But, beware, things like extra income, tax rebates, inheritances and the like do have a habit of making themselves known.
User avatar
Lisa Thomas
Industry Expert
Posts: 6027
Contact
by Lisa Thomas » Wed Nov 15, 2017 10:45 am
This is exactly why your IP is asking....

The tax rebate is probably due into the IVA anyway so you will possibly have to hand it over plus the arrears...
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 21 guests