Wrong amount owed

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Truckman

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Post by Truckman » Wed Jan 20, 2021 5:02 pm
I'm nearly at the end of year 2, been given a payrise so gone through income expense and got it all sorted satisfactory (I'm with payplan, so this has been unusual). I've been given a copy of all the details, and when looking through the creditors one is vastly inflated. I want to point this out but they didn't bother turning up for the initial meeting so the vast sum cleared the 75% amount. I did mention this right at the start and assumed it had been rectified.

Im worried that if I point it out now they will fail my IVA and I'll be back at square one but I'm also bothered about them receiving a far greater share than they are worth.

Thanks for any advice

kallis3

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Post by kallis3 » Wed Jan 20, 2021 5:08 pm
Speak to your IP company and mention your concerns. You should not speak to the creditor. They are bound by the IVA and cannot do anything. Dividends will be shared fairly out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Truckman

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Post by Truckman » Wed Jan 20, 2021 5:28 pm
Sorry to sound a bit thick. If I mention this to payplan they won't suddenly decide to fail me, just readjust the shares? It is a massive difference, at the moment they are stated at nearly 35% but should be 5%.

It would reduce my balance by 25% and allow a far greater chance of clearing the debt, was mainly interest that killed my ability to repay.

Thank you for the advice, really do appreciate it

kallis3

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Post by kallis3 » Wed Jan 20, 2021 5:32 pm
They will be aware of all of the figures. Your creditor was given the chance to vote but didn't. They are bound by it. Have you checked your Chairmans report which you would have received after the meeting?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Wed Jan 20, 2021 6:09 pm
A change in the amount of debt will only jeopardise the IVA if the debt has increased above that declared at the outset and I get the impression that the IVA was accepted on the inflated figures. Therefore any adjustment now would be downward.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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