Payplan IVA review

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MrMorphine
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by MrMorphine » Tue Feb 27, 2018 2:24 pm
Just had annual review with Payplan and they told me I should adjust my budget to maintain payments to them as income has dropped or face a creditor meeting and extension to iva. Is that legal?
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MerlinL14
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by MerlinL14 » Tue Feb 27, 2018 2:34 pm
It's not a matter of legality it is to maintain your level of payment that was agreed when you signed the contract. If your income has reduced then you need to address your IVA firm and submit a new I&E. Your IP has the authority to reduce your payments by up to 15% without calling a variation meeting with your creditors. Don't allow the situation to get desperate, have a word with your IP and get a resolution.
MrMorphine
Posts: 5
by MrMorphine » Tue Feb 27, 2018 2:45 pm
I am aware of the 15% rule and have asked them to proceed with this. Still I think it's a bit off that when I put my paper work in for my review i am told that it should be accurate and true then in the next breath Payplan are advising me to alter it to suit the original payments.
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Foggy
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by Foggy » Tue Feb 27, 2018 3:10 pm
The original dividend should be recorded as an estimated return and they are not within their rights to increase the term just to hit a mythical figure. If a reduction of over 15% is indicated the creditors need to accept ( or refuse) this -- they may or may not not suggest an extension, but, of course they could also fail the IVA if you are basically saying that you cannot afford the payments they will accept.

Payplan, I am afraid, have numerous ways of doing things that do not accord with the rest of the industry.
MrMorphine
Posts: 5
by MrMorphine » Tue Feb 27, 2018 5:04 pm
Am now waiting for 'supervisor' to ok the 15% reduction in payments. Starting to wish I'd never gone with Payplan :|
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MerlinL14
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by MerlinL14 » Tue Feb 27, 2018 7:08 pm
Good luck and hopefully a good outcome from your chat with a supervisor.
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luluj
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by luluj » Wed Feb 28, 2018 6:07 am
Hopefully the 15% reduction is approved for you without further extension.

Iva budgeting is difficult and your income and expenditure does need to be accurate - payplan asking you to adjust your expenditure to make things happen really is not a good working practice for you the customer or them as a business - but they tend to have a mind of their own and deviate from the basic of principles of an iva when it suits them ! Hold your ground and push for the 15% reduction.
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kallis3
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by kallis3 » Wed Feb 28, 2018 9:24 am
Fingers crossed you get the right result.
MrMorphine
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by MrMorphine » Wed Feb 28, 2018 9:30 am
Thanks all. Will let you know the out come.
MrMorphine
Posts: 5
by MrMorphine » Sat Mar 17, 2018 12:31 pm
UPDATE: Still haven't heard back from payplan and they've had the cheek to send a letter saying I didn't pay enough last payment! Have given them 5 days to sort things out before I make official complaint.
Honestly wish I'd never started this whole iva thing :cry:
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kallis3
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by kallis3 » Sat Mar 17, 2018 12:45 pm
If you are with Payplan Plus keep pestering your case worker via that and also on the phone.
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