Not happy with IVA company.

[Adam Davies]

Hi
Just to answer ivas4us question, you are correct it would be unusual to make savings from expenditure allowances, however people with regular overtime will retain monies from this, at least 50% and this can be a tidy amount in some cases.
Regards

[ivas4us]

Andy,
Yes this makes a lot more sense now I was not thinking about the 50% overtime originally. Thanks for clearing this up I was a bit confused at first.

[ivas4us]

As Melanie suggests it is probably best to speak to your IP and see where any misunderstanding may have occured. Out of interest which Ip are you with?

[kallis3]

In most IVA's the fees are taken first - I have not made any payments to my creditors yet at all.

I do find it hard to believe that your IP would have told you to continue paying your father if he was included in the IVA. He will be a creditor the same as anyone else.

[size5]

It will indeed be very interesting to see who your IP is, but as you seem to be reluctant to disclose this then your wishes must be respected. If though, as you suggest, the actual IP told you it was ok to proceed along this path then you really need to discuss that directly with your IP, and then, if necessary, decide on what further action you wish to pursue.

Regards.

[MelanieGiles]

It is quite likely, if one of you is self-employed, that the reason no monies have yet been distributed to creditors is the the final HMRC claim has not yet been received.

[size5]

That is a possibility of course, and may well be true, but surely of more concern to the poster is whether or not his father in law will lose his house.

He really does need to have this matter out with his IP and resolve the matter once and for all. If that means his IVA fails, to allow his father in law to be paid, which is my instinct of what will actually happen, and then he looks at DMP or BR or whatever, then so be it, at least he will now know definitively one way or another.

Regards.

[MelanieGiles]

I am sure that the IP concerned will be very happy to assure their client of the actual terms of the IVA agreement, and try to work through this difficulty which they may have only just become aware of.

[size5]

Indeed.

I am sure that there is some perfectly reasonable reason why there may have been some confusion here. What I do find perplexing though is that a secured loan would surely have a relatively significant level of monthly repayment. As an IVA payment is meant to reflect disposable income after reasonable living expenses have been accounted for, it raises the question of how this money, which he has obviously kept up with over the last year, outside of his IVA contributions, has been accounted for within the financial statement provided to creditors for their approval? If it hasn't been accounted for then his level of contribution should include that repayment to the IVA rather than his father in law, therefore meaning that his level of contribution is too low. If it has been accounted for within his financial statement then the poster may have good reason to query things.

I do hope that things are resolved quickly and to the satisfaction of everyone concerned.

Regards.

[MelanieGiles]

I would suggest that it was not accounted for at all, as it was never intended it would be paid other than through the usual dividend channel.

[size5]

I agree, which means that his payment is too low as he can obviously afford more to his IVA than he is currently paying.

Something, somewhere, has gone badly wrong for whatever reason.

I am sure though that an amicable resolution will be reached once his IP is made aware of the situation, let's hope we are all worrying unnecessarily.

Regards.

[ivas4us]

I must admit from a non expert looking at this I can't see how this IVA has been set up unless there is some overtime payment that has enabled the father to have been paid, would be interested to know who the IP is and how the misunderstanding has occured. I hope the poster can get everything resolved and hopefully back on track with IVA or is able to get a better solution.

[kallis3]

I am sure that if the poster gets in touch with his IP that this matter can be resolved to everyone's satisfaction.

[ivas4us]

I agree Jan and hopefully we can see a post from the op having got it resolved satisfactorily.

[kallis3]

Hopefully Paul.

Hope you are both ok.