My IVA want to put a extra 7 months

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anita644
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by anita644 » Mon Oct 02, 2017 2:41 pm
Hi, I am in my 6th year and due to end my IVA in jan, over the past 2 years my IVA company have been increasingly more difficult and unhelpful. i missed 2 payments early on but payed extra to make this up. i worked extra shifts to pay for my sons funeral costs but the IVA want this and say i am in areas of 3 months now. my IVA want to put a extra 7 months on the end and put a close on so if i receive any PPI or other monies they can demand the money for creditors. Can they do this if my IVA is finished ?. also considering all the PPI that has been payed in and amount of dept i had i would have payed over £20,000 over my original dept !! is this normal ?..
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Foggy
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by Foggy » Mon Oct 02, 2017 2:55 pm
PPI is due to be paid to the IVA even after the arrangement is finished, as it belongs to the IVA estate. So, yes, they can have it and it is theirs.

Regarding the "arrears" -- extra shifts you have worked as overtime: You only have to pay half of this extra income into the IVA, so should be allowed to keep half. If you have 3 months arrears, why are they adding 7 !? Get them to explain themselves.

During an IVA we always owe the full original debt, plus fees and possible statutory interest. So you could end up paying more than the original debt, if your pay,ments are high enough to do this. How much was your original debt ?
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kallis3
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by kallis3 » Mon Oct 02, 2017 3:02 pm
You just beat me to it Foggy!

I was going to ask if the £20k was the total debt. I do agree that PPI has to be paid towards your creditors if it wasn't paid in full.
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