IVA company wants to add another year to my existing IVA.

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David17

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Joined: Fri Nov 10, 2017 11:50 pm

Post by David17 » Wed Feb 10, 2021 11:48 pm
I have been in an IVA since December 2017. The IVA company told me that my IVA would run for 6 years instead of 5 years. 6 years is a long time but I thought I might as well stick to it and clear it off and start on a clean page. In 2018 my contributions were increased by £20 and again in 2020 the company tried to increase it but I objected as my expenses had increased, my wages hadn't so that didn't happen. Since the start of my IVA, few creditors have come up that were not initially in the IVA and they have added this to my IVA. I have been okay with it as I just want to legally pay off what I owe. Last year, I had a massive debt from HMRC added to my IVA (£9000). This was not included in my IVA when I first started it in 2017. Now the IVA company wants to add another 1 year to the already existing 6 years making it 7 years in total. That to me is just too much as I now feel that as I go along with them, they want to keep increasing my monthly contributions and years.
Is this normal? Any advice will be appreciated. Thank you.

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Feb 11, 2021 8:30 am
It is a compromise, often made, when the debt increases during an IVA, in order to see that the creditors still get what they signed up for. The alternative is that the IVA be failed, which you do not want to happen.
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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