dave422 wrote:My debt is £7500 I have paid £1500 over the last year at £126 p/m but they are now asking £186 p/m. They calculated my earnings over the next year and it's above what I earn currently. I spoke to them about this but was told no change will be made. I asked for a breakdown of my payment made to creditors and what I've been paying to the company dealing with my Iva and was told computers were down that day. I feel I rushed into the iva and now have read many bad reviews of the company dealing with it. This is another reason why I feel I want to cancel and try paying the creditors first hand.
Looking at those figures you will end up paying the debt, plus fee and possibly some statutory interest. As for the recent increase in payments, ask them for a detailed breakdown of their calculations. They cannot "invent" income, so that, at least, should be corrected. Speak to the IP directly, rather than a case worker. If no joy lodge a formal complaint which you can escalate to their regulators if need be.
Might I ask who you are with ?
Failing the IVA puts you at risk of recovery proceedings from creditors and potential Bankruptcy.
If Bankruptcy takes place the Trustee will set a figure for your contributions which would last for 3 years so you could be worse off.
Plus you assets, if any, will be at risk and a whole host of other issues to think about.
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