hiya, 6 1/2 years ago a entered into an iva, debt amounting 31000, i made every monthly payment of £355, for the full 60 months, due to my salary rises over the 5 yrs my at the end of it was told my iva had been under paid just short of £6000,however i cannot raise this £6000, i could afford to get a bank loan to pay it but untill its paid i cant get a loan?? vigourus circle any advice please
At these annual reviews your increased income should have been taken into account and your payments increased year on year so that this hadn't occurred.
Best thing to do is contact your IP and try to agree a way around this.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
shocking service and to be told near the end of such a large underpayment is well worth complaining to your chosen firms regulatory body. Did you notify your IP of the changes in your salary levels?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
you should have had a yearly review of your I@e.
if you did not then the iva company have failed in there duty to manage your iva.let us know what contact you had yearly with your company and who they were.are you sure it was an iva
cc received 6th January 2014 now upwards and onwards
If your IVA company did not do an annual review Consisting of I&E changes , Salary (p60 and Payslips) then they are Cowboys and should not be trading as an IVA Company .If they did and you hid the Salary increase then Im afraid you should of known better .
I don't understand why it has taken so long to highlight this to you. Surely every annual review which was carried out would show a build of arrears, and an invitation or instruction to you as to how they expected these to be dealt with.
Check to see if the IVA can be extended under the IPs own discretion to give you more time to pay.
Hard to even contemplate Andy, and serious implications for the IP if this important statutory matter has not been addressed. I doubt that creditors would allow this to happen however.
And if the IP didn't do this and was never raised by the creditors who takes the hit, the IP or the debtor?
I would suggest the IP takes loss to fees if this really happened but a new member raised the question and a new member 'Bumped' the post. Maybe some more info from the OP would be appropriate.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
It is the IPs responsibility to carry out annual reviews and report to creditors and the debtor - although the debtor is probably obliged to provide information to the IP to enable this to happen. As a qualified professional, the IP is held in a far more responsible position when it comes to areas like this, than their client - and will be held to account if necessary.
