www.iva.co.uk

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

During your IVA did you receive annual reviews ?

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.

Hi and welcome.

As stated - have you had annual reviews at all and paid some of your salary rises across?

Which company are you with?

Hi Paul. First of all I would speak to my IP and get a definitive breakdown of where this underpayment has arisen, and why.

As mentioned above, your salary increases should have been accounted for in your annual reviews.

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

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

Did your proposal not state you had to advise your IP of any increases?

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 .

It would be interesting to know what company it is.

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.

Hi

It does make you wonder if an annual review has ever taken place ?

Speak with your IP and try and agree a 12 month extension

Regards

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.

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.