I think they have added £600 for fees not accounted for. My old case manager in Jan 2011 when I realised I wouldnt complete on time said the fees were £7610. So I think they have come up with £600 more in fees. Its all I can think thats how the £400 difference plus the additional gives £1k.
If it it down to fees can we challenge fees? I am all for paying them but it is only because I asked in Jan did I know I wouldn't finish on time. Throughout my IVA i only received one annual review statement and that was in Jan 2011 but nothing in years before - seems bizarre. To me they should write off the fees for not doing their jobs properly. I got a breach of notice on my file because they lost my documents I sent in and then refuse to move it despite acknowledging it was their fault. Uff
Your figures seem logical but you need to get the ones they are working from to see where the discrepancy lies. Did you have to sign anything regarding this change of 40p to 50p in the pound return. If you haven't signed anything and no variation meeting has been called then it would be more logical for the original agreed paperwork and contract to still be valid despite what any one party tried to do afterwards. Any IP able to confirm this?
Looking at another website it clearly states that once an IVA is approved the creditors cannot make changes to the contract without your consent. If a debtor faces a change in wages and cannot meet the original agreed monthly payments or cannot pay over additional monies owed for example bonus payments then you are in breach of the contract and you can put forward a variation meeting to offer an alternative solution to the creditors than for the IVA to fail. At this variation meeting it is not inconcievable for a creditor to then add a condition in order for them to forgive your breach and allow the IVA to continue. You would then have to come to an agreement with the creditors and a minutes of the meeting is sent to you and the agreed change from all parties. Unless you had a variation meeting and agreed to this increase of return from 40p to 50p then its not valid as the company in question is legally bound by the originally accepted terms and conditions as much as you are
According to my emails, the 50p minimum dividend was agreed upon approval. Nevertheless its not the change from 40p to 50p that bothers me it is why it seems they are incapable of calaculating my payments correctly. I did have to reduce my payments during one year as my income dropped but in subsequent years I overpaid to make up the difference. Nevertheless in Jan I specifically asked what I needed to pay to meet the 50p in the £, so they sohuld of got that figure right, not suddenly say oh actually you are £1k short. I am going to get the breakdown today so will report back.
wicked, hope it all becomes clear from the figures. I have sent off my wage slips today for my final review before last payment 1st March. Wish me luck as I don't think I could cope with them coming back to me and demanding loads of extra money :O
Id ont' blam eyou Davey, which is why I asked in Jan 11 to ensure something like this didn't happen but it still managed to happen, just my luck I suppose. Doh
So just spoke to my case manager, my calculations were correct. There is only £400 to pay. For once my maths was right wohooo. apprently they hadn't put one of my £600 payments to my file hence why it was £1000.
Hehe feeling a bit sheepsih for my rant yesterday - a while learnt lesson be patient get all the facts and then rant.
Still annoyed somewhat that they didn't sort this out before my last payment but phew I didn't spend all my xmsa pay so can just about give them £400 this month and have it done with!
Glad you got sorted and never apologise for a rant on here - we all do it and I know it always makes me feel better!
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
