Final payment

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lizzie

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Post by lizzie » Tue Nov 26, 2019 9:44 pm
Hi
I'm so upset I don't know quite what to do and I'm hoping somebody can advise me.
We are due to make our very last payment (of a 74 month IVA) on Dec 1st
It has been an extreme struggle to make ends meet as we have been paying almost £1000 a month with a dividend of 104 pence in the pound.

At every single turn I have made them aware of all bonus', overtime payments, pay rises etc, I have informed them immediately by email and have always asked if I need to pay the additional monies into the IVA. Every single time, I have been told that we did not need to make any additional payments as the increase did not exceed the terms.

Last Year, we were told that our monthly payment would be increased by £200 a month (which was quite devastating but we accepted it without complaint or query)
We have struggled hugely this last year and have had to ask family for money to pay for car repairs etc
At that year 5 review (where it was decided that we would need to pay for a further year due to the equity clause) I was told over the phone that my final payment would be £250 and was due in Dec 2019.
In August 2019, we received a letter telling us to make 4 payments of £1000ish and a final payment in Dec of £560.
I was a little upset as this was £300 more than I was told on the phone, but accepted it.
We have been literally counting down the days for the last few months, we have booked a weekend away to celebrate our first month debt free, we have started to buy Christmas presents and make other financial commitments
Yesterday I sent our P60's and Nov pay slips as requested for final review, completely expecting it to all be fine.
Today I have received a very short email saying that we owe an additional £2000 and to contact them to discuss how we are going to pay it. This was an 'additional income review' apparently.

I am devastated, I have been crying all afternoon. We can't pay this without borrowing the money, which is horribly ironic.

Help!

luluj

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Post by luluj » Wed Nov 27, 2019 3:01 am
Presuming you have all previous emails kept I would ask them for a full explanation of how the £2000 was calculated and why it has only just come to light - send them copies of the previous correspondence.
Unless you have had a significant change in income in the last few months or a huge reduction in outgoings, I cannot see where it has come from, from the information you have provided.
I would request a meeting with your IP too and not necessarily take this from a caseworker.
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Foggy

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Post by Foggy » Wed Nov 27, 2019 7:49 am
I agree with Luluj --- it is time to challenge them and find out where they are getting their figures from.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Wed Nov 27, 2019 8:27 am
I agree - you need to challenge them. Don't take this lying down.
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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.
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Lisa Thomas

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Post by Lisa Thomas » Wed Nov 27, 2019 9:51 am
Ask them for a written explanation and breakdown of the figures then set out a written reply (by registered post and also send a copy by email) setting out all the points and dates/amounts you have referred to above explaining why you do not believe you owe anything.

I wonder if you were told you didn't have to pay extra previously in error and they are now trying to correct this.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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