IVA extended to cover pay rise, why do they want me to pay more than arrears?

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by william500 » Thu Jan 18, 2018 4:13 am
I have an IVA that was due to end September 2018. However, due to pay increase, I was unable to pay the 50% requirement of pay rise which amounted to £2211. As a consequence, my IVA has been extended 12 months to cover the £2211. My question: why is my IVA company expecting me to pay more than the £2211 in the final extension year and is that correct? Surely the extension is only to pay off the £2211 and not to ask for extra funds during the period? Thanks for your assistance.
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by Foggy » Thu Jan 18, 2018 8:08 am
I would have thought that they are only able to extend to cover the amount of the arrears and, from earlier posts, you are pretty close to hitting 100%, so that needs to be looked at too. There also looks to be some discrepancy regarding the actual amount of these arrears ( you previously quoted £1500). Are you satisfied that you do owe this amount -- have they provided you with their calculations ?
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