www.iva.co.uk

Hi my iva is almost complete i have recently tried to take equity from my property to pay into the iva as agreed on month 54 but as expected rejected i now have to pay for 1 more yr my question is is a review required for this extra yr my practioner said no but i want a 2nd opinion ?

There will be a final closing review to ensure everything is correct before certificate of completion etc is issued. During the final year you will still be required to pay across and additional earnings etc as per your iva agreement

In theory the extra 12 months should be treated like any other year in the IVA. Having had the extension imposed what would have been the closing review will become a full review to calculate that last 12 months payment level.

However, I get the impression that some firms "rubber stamp" the "new" or "extra" review and carry on using the figures from the last review.

I'd check with your IP, as we have been told if we have to do an extra year next year then no review is needed and we also only pay the monthly figure as it is now, we do not have to pay any extra income over as per the 10/50/50 clause.

Hi

If you IP has said no [and this is in writing or an email]then there is no need to be concerned
They usually do a final review to check for any windfalls etc prior to concluding the IVA

Regards

Hi Gary if your IP has said not then I would keep your head down and not query it. Any windfalls will still need to be disclosed as Andy says and if your disposable income does increase I would put these extra funds to one side just in case your IP changes their mind...

before we had our house re-valued, we were going to have to pay another year and were told it would continue at the rate we are paying now

Don't think we had a review, it was just the same as the previous year. We were with DFD, this was back in 2010/11