I've just had my second annual review and they decided to keep my monthly payments the same. Unfortunately, I've just had a call saying that one of my creditors has just sent back a proof of debt that includes all the interest from my loan. They want me to extend my IVA for a year.
Can they do that after all this time?
Any feedback would be appreciated.
I would, first of all, get a breakdown of this figure to see why it is so wildly out.
The debt in question is to Moneyway loans. The initial loan amount was £5000. They apparently have only just now sent back the proof of debt, which amounts to £6800 (interest). I didn't think they could just say they want more when the IVA was already in place?
Should I ask for a letter outlining why they want this amount?
I've just asked for a breakdown of the costs over the phone and the girl (who was very understanding) said she would speak to the supervisor. However, she didn't have any more information than that.
Basically, I just want to know whether I'm required under the terms of my IVA to pay the "new" amount. Or, is it too late for them to claim this back?
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