www.iva.co.uk

Hi

I wonder if anyone can help. We have just come to the end of out 5th year. Our IVA has been extended for 12 months due to the equity release clause.

3 years ago we has a successful PPI claim on our secured loan. We had a reduction in our outstanding loan but also receive a payment. I didn't inform the IVA at the time as genuinely thought it would be excluded with the loan being a secured one and not one of our creditors.

Other PPI claims have been included into the IVA as they were from our creditors.

I don't know what to do no now. Should we have informed the IVA at the time or not. I dont want the IVA to fail at this late stage. I was just beginning to think that we were on the homeward stretch with an end date of May 2014.

Any advice would be greatfully received as I am worried.

Thanks

What sort of payment did you get in your hands ?

Does the terms of your arrangement provide for all of your assets apart from those which were specifically excluded to be included in the IVA, or just those which were specified?

3 years ago and you have not been challenged by your IVA company yet! That surely means they don't know about it, so it will be down to you to either tell them or just keep quiet. I am sure that you will make the correct decision on what course you will now take.

Mel I am unsure as to what you mean. I am sitting looking at our proposal now. How would I know? We received £3750 in Jan 2010 then in February 2010 we paid £1100 of this to our IP as they said that we owed this extra when they did our annual review. I am in the middle of sorting this with them as they have no note of this being paid across. I have just send them copies of the bank statement confirming we paid it.

Whilst I am sure we would all love a bonus in income part way through an iva the ppi should probably have been declared to your ip(and let them decide if its for the iva pot or not). Time to come clean as I am sure they would rather find out now that at a final review stage.

Non disclosure of such a potential asset could have serious consequences. .

Paul

Paul

Echo the plan, come clean and your IP should help with a plan of action to make all well.

What does it say under the assets section - and are the Terms and Conditions governed by the IVA Protocol or R3? Which firm are you with?

I will let them know but I am so scared of what will happen. It will finish me off if the IVA was to fail at this late stage.

I genuinely thought that it wouldn't be included in the IVA with it being from the secured loan. I have gladly included the other PPI in the pot of the IVA.

I just want to make things right and sincerely hope it doesn't mean the IVA will fail.

I am so worried!!!

Sorry Mel, I missed your message.our proposal states that appendix 1 contains full particulars of my assets with an estimate of respective values at the date of this proposal. Appendix 1 includes our secured loan so I guess it needs to be included in the IVA. We are with Grant Thornton now.

is there anything we can do to sort this out. Will I be able to pay extra per month then extend the Iva. I am so worried and don't know what to do.

Can anyone give any further advice on this please?

The only advice I can offer is to speak to your IP and hope that they can assist with coming to an arrangement, or further extension.