Is our IVA going to fail?

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sophie503

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Post by sophie503 » Tue Mar 19, 2019 5:21 pm
Hi I'm wanting some help or advice on what to do regarding our IVA. We started back in 2011 thinking this was a good idea but now thinking it is a total waste of time. We have been in contact with the company right the way throughout sending in everything they require. ie pay slips, p60's and so on. it came to our 5th year, thinking we had only another year to do as there is no equity in our property. They told us then that we had been earning more so we are having to pay back additional monies to the value of short of 15,000. I queried why hadn't we been told about this on our annual reviews over the past 6 years?, they didn't give us an adequate answer, all the said is that we have to pay the outstanding money back so now were heading to 8 years and still not finished an iva which is supposed to only last 7 years am I right in thinking this?
we have had no contact from our IP, from sept-oct time so we are thinking is this iva just going to fail? the money we are still paying out every week where is this going? we're just wanting an end date to get debt free and to move on in life without this constantly hanging over us? any advice or help would be much appreciated thanks

kallis3

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Post by kallis3 » Tue Mar 19, 2019 5:30 pm
An IVA can last longer than 7 years but you do need to speak to your IP to sort this out.

Which company are you with?
Sharing from experiences of dealing with debt
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.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Tue Mar 19, 2019 5:35 pm
It is not for the IP to tell you when you are earning extra income --- you should be aware of this yourselves and know that you have to pay extra over to the IVA. If they are extending the IVA in order for you to make up the arrears this would indicate that they are not looking to fail the IVA (which they could do).
I would suggest that you ask them for a written breakdown of their calculations, so that you can agree the figure. If you agree this money was earned, but not paid in then calculate how long it will take to make up the shortfall, snd agree the new end date with your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Tue Mar 19, 2019 5:37 pm
Fingers crossed you can get this sorted.
Sharing from experiences of dealing with debt
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.
Bob Marley.
http://kallis3.blogs.iva.co.uk

sophie503

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Post by sophie503 » Tue Mar 19, 2019 8:54 pm
hey, thanks for the advice/help. I just thought they would go through income/expenditure on a annual basis? bearing in mind that we sent everything they requested, to then all of a sudden after 6 years they say we have earned to much and need to pay it back, which we are doing but just don't know when its going to end, no end date set?
Thanks foggy I'll have to contact them and see where we are at, I'll then ask for a written breakdown of calculations.
Thanks kalis3 we have our fingers crossed to, I thought it would be over with by now.

Foggy

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Post by Foggy » Tue Mar 19, 2019 9:03 pm
Tue Mar 19, 2019 8:54 pmsophie503 wrote:
hey, thanks for the advice/help. I just thought they would go through income/expenditure on a annual basis? bearing in mind that we sent everything they requested, to then all of a sudden after 6 years they say we have earned to much and need to pay it back, which we are doing but just don't know when its going to end, no end date set?
Thanks foggy I'll have to contact them and see where we are at, I'll then ask for a written breakdown of calculations.
Thanks kalis3 we have our fingers crossed to, I thought it would be over with by now.
It will say, somewhere in your proposal, that overtime and bonus payments have to be declared and dealt with on a monthy basis, unless you specifically agreed something different with your IP at the outset. If you have been earning overtime or bonuses, the arrears they are talking about will have arisen from this, as well as permanent pay rises.
Usually you are allowed to earn 10% over your base income in overtime / bonus payments, which you keep. 30% of anything over that 10% (on a monthly basis) is payable to the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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