Over payment on agreement - what does it mean?

[lucy349]

Hi I’ve had a voicemail of my Iva people to tell me there has been an over payment on my agreement what does this mean?

[Foggy]

Could be a number of things --- did you agree a standard monthly IVA or a lump sum IVA in the end?

[Lucy2222]

Could be a number of things --- did you agree a standard monthly IVA or a lump sum IVA in the end?

Hi standard monthly. I have only been in it 2 months so I’m unsure why there is an overpayment.

[Foggy]

Well ... at 2 months, it won't be an overpayment to a creditor, so my guess would be that your payment was too high -- have you checked with your bank to see if the amount they have taken is the amount agreed in the IVA ?

[Lucy2222]

Well ... at 2 months, it won't be an overpayment to a creditor, so my guess would be that your payment was too high -- have you checked with your bank to see if the amount they have taken is the amount agreed in the IVA ?

Yes it’s was the right amount of £90. Obviously I have tried ringing PayPlan but office is closed.

[Lucy2222]

Well ... at 2 months, it won't be an overpayment to a creditor, so my guess would be that your payment was too high -- have you checked with your bank to see if the amount they have taken is the amount agreed in the IVA ?

Yes it’s was the right amount of £90. Obviously I have tried ringing PayPlan but office is closed.

All the voicemail said was that there has been an overpayment made on your arrangement.

[Lucy2222]

Well ... at 2 months, it won't be an overpayment to a creditor, so my guess would be that your payment was too high -- have you checked with your bank to see if the amount they have taken is the amount agreed in the IVA ?

Yes it’s was the right amount of £90. Obviously I have tried ringing PayPlan but office is closed.

All the voicemail said was that there has been an overpayment made on your arrangement.

So my Iva was accepted on 23rd Feb I was told I need to make a payment of £90, so I paid this on the 25th of Feb.
I then set up a standing order so my next £90 went out on the 25th of March. That all makes sense to me. So to date I have paid £180 and my next payment is due on 25th April. Unless I wasn’t meant to make the payment on 25th March. I’m really confused. I’ve checked my bank and only the payment in Feb and March has gone out which is right.

[Foggy]

Yes it’s was the right amount of £90. Obviously I have tried ringing PayPlan but office is closed.

All the voicemail said was that there has been an overpayment made on your arrangement.

So my Iva was accepted on 23rd Feb I was told I need to make a payment of £90, so I paid this on the 25th of Feb.
I then set up a standing order so my next £90 went out on the 25th of March. That all makes sense to me. So to date I have paid £180 and my next payment is due on 25th April. Unless I wasn’t meant to make the payment on 25th March. I’m really confused. I’ve checked my bank and only the payment in Feb and March has gone out which is right.

Sounds right to me too !

[paul531]

You don’t usually make a payment until one month later so maybe you made your 1st payment early

[Foggy]

You don’t usually make a payment until one month later so maybe you made your 1st payment early

It depends on the IP and the best pay date ---- some have the first payment made on the first day of the agreement (ie on the day of the meeting) ... the sooner you start the sooner you finish.