Received letter asking for husband's bank statement after final IVA payment made

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1
User avatar
catherine610
Posts: 3
Joined: Thu Jun 22, 2017 5:27 pm
by catherine610 » Thu Jun 22, 2017 5:27 pm
I have just paid my final payment in June of my iva, it was extended to cover 6 years
I have today received a letter asking for last year bank statements, accounts from my husband business, these were sent in every year on review date
There are claims of £55,232.72 and to date £55,542.00 has been paid
My review date is may, but last year it was requested I pay another 12 months so it took till August to start the final 12 months, I have paid the final 2payments in June to get this cleared. Any advice gratefully received
User avatar
Foggy
Forum Expert
Posts: 22643
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Thu Jun 22, 2017 6:56 pm
Was it just your IVA or was hubby in one too ? Was his income taken as part of your disposable income ? Are you with Payplan ?
User avatar
Michael Peoples
Industry Expert
Posts: 14819
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Fri Jun 23, 2017 8:18 am
If your husband was not in an IVA he has no obligation to provide anything to your IP. If he is in the IVA then there does have to be a final review so he would need to provide some details.
User avatar
catherine610
Posts: 3
Joined: Thu Jun 22, 2017 5:27 pm
by catherine610 » Sat Jun 24, 2017 8:08 am
the iva was solely in my name , but his income was taken into account for household income and expenditure,
this iva was both a struggle to admit too and the depression from feeling a failure whilst wondering if I could emotionally deal with this , I had to resign from a charity I served , this road has taken me to dark places- to start,it took 3 meetings before it was finally accepted
my husband went into partnership with his business and our income went from 3k a week to £650
whilst keeping a mortgage on his mothers house where at 88 she lived rent free and renting our property times got very tough and
in speaking with a debt advisor an iva was put forward,
however 2 years in we had ppi reclaim of over 20k , this all went into into the iva,but was not acknowledges until year 4 and we also had joint debts which were in the iva and had to have payment plans
in place for my husbands half , so as well as the iva which went upto £1k a month we paid £600 to 3 joint debts ,
my husbands partnership failed in year 3 and we had to beg and borrow off family to put this into administration , an appointment with a solicitor cost £600 for an hr
we used 4 cards to pay this !! my husband went back as a sole trader and
in year 4 our fortune turned and we were finally getting sorted, at the end of year 5 we moved house - smaller and cheaper, thinking the iva was at an end then I had to extend because we couldn't re finance , and now I am at the end again and they are asking for a 6 month variation to review last 12 months of income
we have paid and paid and paid somemore, I am only hoping we are coming to the end .thank you for your replies and
thank you to this forum which as kept me sane many a late sleepless night over the 6 years
User avatar
catherine610
Posts: 3
Joined: Thu Jun 22, 2017 5:27 pm
by catherine610 » Sat Jun 24, 2017 8:09 am
I am with duff and phelps .manchester
User avatar
Foggy
Forum Expert
Posts: 22643
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Sat Jun 24, 2017 8:20 am
Usually an IVA on one spouse does not call upon the income of the solvent partner, who is then, effectively, paying his partners debts! The reason I asked about Payplan is that they are one of the few who, incorrectlty in my opinion, do it this way. Unfortunately this is now how you arrangement was drafted and agreed. So, what they are doing is going through your husbands accounts to see if he had any money over and above that which was expected during that final year, a share of which will need to be paid in.
The hope to carry you through this is that you will soon be finally clear of the IVA. Hopefully your husband can clear the joint liabilities in good time, so you will, finally, be debt free.
Should he feel the need to enter a debt solution, might I be so bold as to suggest another firm this time!
User avatar
Michael Peoples
Industry Expert
Posts: 14819
Joined: Mon Nov 03, 2008 12:36 pm
Contact
by Michael Peoples » Mon Jun 26, 2017 7:54 am
I also hope this is the end of it as you seem to have had a rough time. Your husband can now concentrate on his own debts and maybe with your help it will not be long until you are both debt free.
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 24 guests