Lump sum IVA approved, but a debt is larger than thought

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Franz87

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Joined: Thu Jan 14, 2021 10:35 pm

Post by Franz87 » Thu Jan 14, 2021 10:45 pm
PayPlan are dealing with my IVA.

Last week my IVA was approved. The total debt was around £44,000. One of the debts included was HMRC self assessment tax of £2,200.

HMRC did not vote at the creditors meeting.

When I submitted my docs to PayPlan I showed my printed tax calculation from HMRCs website which showed tax as £2,200. I explained to PayPlan that I was unsure of two other tax payments of around £700 (whether they'd be added, deducted or not included). I had called HMRC twice for several hours and was told contradicting info.

I've just received the HMRC tax statement in the post. This confirms tax owed is £3,600.

Is my approved lump sum IVA now in jeopardy? What will happen now?

I've emailed PayPlan but they won't get back to the morning, and I'm going to find it hard to sleep :( .

Foggy

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Post by Foggy » Fri Jan 15, 2021 10:07 am
Sorry that this wasn't picked up last night and hope you managed some sleep !

I am afraid that I cannot answer your query as things do get cloudy when HMRC are involved. Hopefully you can get hold of Payplan this morning.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Franz87

Posts: 2
Joined: Thu Jan 14, 2021 10:35 pm

Post by Franz87 » Fri Jan 15, 2021 10:35 am
I chased PayPlan this morning. They said they are in the process of finding out from each creditor exactly how much is owed. Sometimes it's a bit more or a bit less than expected. There may be another meeting if the increased amount is substantial to check if it's ok with the creditors.

Apparently this process can take several months, which is frustrating as I thought I was out of the woods last week when it was approved. I've now got to cope with more anxiety for potentially 6 months 🙁

PayPlan also said HMRC sometimes don't confirm until around April, the new tax year, apparently.

I'm also worried as my biggest creditor didn't vote in last week's meeting when the IVA was approved, and I'm thinking this may now give them a second chance to vote. Their vote would account for around 35% of the total debt.
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