I entered into an IVA 3 years ago, basically I was a joinery contractor and used the tax deducted from sub contractors to keep paying the joiners wages till work picked up. I didnt use any of the money for my own rewards just to soft and didnt want to put anyone out of work.
at the time I was told it was £17000 I owed, I signed a computation from the inland revenue that i accepted this figure, and told interest would be frozen. I had to enter into an IVA and like I said that was 3 years ago, I was told I had to raise the money in a one off payment, no monthly figures would be allowed, and had to remortgage the house (we re mortgaged 3 years ago in June) for £51,000 in that time everything the arrangment has asked I have done. but they have also taken a £3000 tax rebate from 05/06 and a £9000 tax rebate for 06/07 and put that into the arrangement. The inland revenue sent me an email 14 months ago saying they would accept 84p in the £ and now with all the added rebates (which I was told would not be entered into the IVA as it should have been over and done with) they are now accepting 92p in the £
. when I have gone through the IP's expenditure sheet they are charging me £17158.00 is this figure right it seems expensive considering they have not had to work out any monthly payment plans for yrs etc. Not only that everytime there has been a problem, the company just accept it and say they have to push for bankruptcy, I then ring up the Inland Revenue dept that are dealing with the arrangement to explain things and to explain where im up to and what problems I am having etc, and this pacifies them, why am i paying for someone who is not working and fighting for my best interests.
Any help or insight would be helpful as I was relying on the tax rebate to keep head above water as the re-mortgage had to be done with a non high street lender so we are paying ridiculous payments.
regards
mark[V]
