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| T O P I C R E V I E W |
| GC2 |
Posted - 09 July 2009 : 23:00:25
I have two years left on my IVA however, due to my income reviews (which happen every 3 months), my IVA company keep charging me variying amounts (£400 - 600) every 3 months due to my salary increasing since commencing my IVA. I don't have these amounts sat around - so this money is adding up and I currently owe approx £5000 in charges in addition to my IVA. The company have told me that I need to increase my monthly repayment to £451 to clear the charges. The problem is the income reviews will continue so they will continue to add these charges. My IVA company have warned that my creditors may fail my IVA at the end of the 5 years. So I am feeling pretty exhausperated!! I am trying to do the right thing by paying off my debt but with the threat of failing my IVA anyway, I am seriously considering going bankrupt. Help!! |
| 6 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 10 July 2009 : 18:22:07
I am in an IVA, and I have to submit my payslips every three months. If my income alters significantly in that time, then my payments will alter.
I do find it hard to believe that the creditors would fail the IVA after five years. You may find you have to tag a few months on at the end to take account of any shortfall, but that is usually all that happens.
As a point of interest, who is your IP company?
The glimmer gets brighter all the time
Jan
xx |
| sjbyron |
Posted - 10 July 2009 : 09:26:37
Why didnt your IP look at your wage slips prior to IVA and get the average income and then devise a payment from that, thats what mine did when I worked as a nurse and my income went up every month due to being paid 4 weekly and doing overtime.
Unfortunately when I left my job I couldnt afford the payments and the IP wouldnt put a variation for a monthly payment that was 60% less than the original so I went bankrupt.
Post on the IVA.co.uk website and seek advice from your IP and another IP and see what they say.
Stu J Byron |
| Skippy |
Posted - 10 July 2009 : 08:59:49
I find it very hard to believe that anyone would want to fail an IVA after 5 years - it's in no-one's interests to do so.
It's definitely worth speaking to your IP personally, not a member of their staff.
Don't forget, if your IVA fails and you go BR if you have more than £99 surplus income each month you will be expected to pay into an Income Payment Agreement for 3 years, which will mean you are paying for longer. Also, your credit rating will be shot for 6 years from the date of your BR.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
24 IPA payments made, 12 to go - on the home straight! |
| gettingoutofdebt |
Posted - 10 July 2009 : 08:42:37
Post this on the IVA forum as RHB says but also speak to your IP and advise you are considering BR. This will let them know exactly how you feel about this situation and they will want to keep you in the IVA in order to earn their fees so may reduce the charges. An IVA is supposed to be a way to become debt free rather than having to incur more debts due to charges by the IP firm.
I looked into an IVA before declaring BR and don't think that creditors can fail an IVA if you have made the necessary repayments but the experts on the IVA forum will be able to confirm this. |
| RHB |
Posted - 10 July 2009 : 07:35:59
I would post this on the iva forum & see what they say as well. |
| leakie |
Posted - 10 July 2009 : 06:30:03
Hi GC2
Welcome to the forum,
I was in an IVA,But am now BR,
I was of the understanding you only had a reveiw once a year, ( may be because I was self employed)
But I stand corrected,
The fees came out of my monthly payments,
I can not see how they can just add on the fees on top of your monthly payment agreed with your creditors, they must know that you won't get apay rise every 3 months, so it sound to me as if they are pulling a fast one here,
If at the end of the IVA you have paid the amounts agreed, how can they fail it!!
I would suggest you call the help line for advise, or I am sure an expert will be along soon.
If I was you I would be considering the same.
All the best
Leakie |
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