In 5th year of iva, i have been notified that i owe £7400 more

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1
Conanny
Posts: 4
by Conanny » Mon Jan 08, 2018 6:29 pm
Currently in a 5 year IVA extended to 6 years due to no equity release. Contacted IVA company today to get details of how to do full an final offer since I only have 10 payments left. IVA company have now informed me that in year one my pay changed significantly and I owe £7400. Also saying if I can’t pay this they will be holding a meeting for me to do a 7th year of IVA. Pretty dissapointing as I expected to be done soon after 6 painful years. Can they do this?
User avatar
Foggy
Forum Expert
Posts: 27515
Contact
by Foggy » Mon Jan 08, 2018 6:33 pm
They can if they are correct. The alternative to a further extension could be cancellation of the IVA. Why was this pay increase missed ? I assume that you told them and have been submitting the correct information since. If they simply missed it the error is as much theirs as it is yours and they should do everything they can to assist in resolving this.
Conanny
Posts: 4
by Conanny » Mon Jan 08, 2018 6:39 pm
Foggy wrote:
They can if they are correct. The alternative to a further extension could be cancellation of the IVA. Why was this pay increase missed ? I assume that you told them and have been submitting the correct information since. If they simply missed it the error is as much theirs as it is yours and they should do everything they can to assist in resolving this.



Yes I’ve been submitting each year. But last year they basically told me they didn’t have some wage slips for 2012/13 which I know I sent previously as I know they would be straight on my case. Personally I think they lost/misplaced them or missed something from their system. I just wanted to know where I stand and if they can do a 7th year. By cancellation do you mean back to square one?
User avatar
Foggy
Forum Expert
Posts: 27515
Contact
by Foggy » Mon Jan 08, 2018 6:42 pm
Yes, by cancellation I mean fail the arrangement -- back to square one. They are entitled to add a 7th year, or more, to recoup arrears as an alternative to failure, but the creditors have to agree to the extension.
Conanny
Posts: 4
by Conanny » Mon Jan 08, 2018 6:48 pm
Well that’s a nightmare! Thanks for the help. I will ring the IVA company again tomorrow and see what resolution they come up with. If they highlighted earlier I could have resolved instead of now. Will post the outcome when it’s sorted.
User avatar
Waitingforship
Posts: 108
by Waitingforship » Mon Jan 08, 2018 11:52 pm
I’m really sorry you are having to deal with this Conanny. I’m at the same point in my IVA and this is my worst nightmare. May I ask which firm you are with?

I hope they come up with a sensible resolution for you.
Conanny
Posts: 4
by Conanny » Tue Jan 09, 2018 6:55 am
Waitingforship wrote:
I’m really sorry you are having to deal with this Conanny. I’m at the same point in my IVA and this is my worst nightmare. May I ask which firm you are with?

I hope they come up with a sensible resolution for you.



Hi waitingforship. I’m with moneyplus group. It’s more annoying than anything as they are on my case straight away if I don’t submit anything so to tell me end of year 5 I’m stuff missing from year 1 is a little fishy. They also only told me by chance yesterday as I rang to get info about full and final offer.
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Ryan and 32 guests