Hi I am wanting to know my options I felt forced into an Iva 4 years ago I had 2 creditors one being HMRC and them staying they are not willing to wait for payment. I was willing to set up a payment plan awnd cooperate entirely but they just weren’t having it, knowing what I know now they couldnt have done anything but to accept my offer but feeling pressured I resorted to an Iva thinking it was my only option. My credit rating was amazing and to be honest that is the most thing that has effected me. My wife did research into my situation to then find that on my credit file my Iva states completed and I am not on the insolvency register at all so contacted my Iva company and they haven’t been much help as they have gone into administration on multiple occasions. When I requested a Foi act they sent me out details showing the arrangement I went into was for the amount I originally thought I owed but unknown to me HMRC with held a rebate when the whole situation was heppening and they took that rebate and reduced the amount I owed them by half but that hasn’t changed the amount set up by the Iva they said HMRC gave them 3 different figures over a period of time and the last one is what I would have owed them but they refuse to change any terms or figures as they believe itis HMRCs incompetence not there’s, but as it stands I will be paying off both debts in full and all fees plus extra when originally thought the whole point of an Iva was to reduce the debt to only be paying a percentage back not the full amount plus some so was wondering which route can I go down to pay my creditors myself or get the whole Iva revoked on the grounds of being completely misled and the contract not based on correct figures form the start.
I doubt you would get the IVA revoked and you, yourself, would have ratified those figures in the initial proposal. HMRC are, literally, a law unto themselves and the IP can do nothing other than rely on the figures they give as accurate at the time. In the fullness of time, if you have overpaid tax by the application of this rebate, then the overpayment will be either repaid to you or offset against future liability.
Your arguement is, as I see it, with HMRC, not your IP.
As for the IVA showing completed on the Register, this is curious. Might I ask which firm you have been dealing with as "they have gone into administration on multiple occasions" is also curious.
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
Bear in mind as well that you will always owe the full amount plus fees until the end and only then will any remaining amount be written off.
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