www.iva.co.uk

So after months of arguing with Payplan that I do not have any equity in my property, and hearing nothing from the official IVA complaints dept at gov.uk, I have been forced to start my 12 months extra payments.

Today I got through the details and it stated the 1st payment for the equity would start on 1st Sept 2016 and the last would be taken on 1st Sept 2017.

Well adding that up, it comes to 13 months and not 12 which I questioned.

The reply I got was "one of the payments is your final standard payment to your IVA, along with 12 additional payments in lieu of equity"

What on earth, has anyone else heard of this??? I feel like I have been taken for a ride...yet again by this company [V]

No idea on this one - I would challenge them. My husbands last payment was 12 months after the equity and no mention of a final standard payment.

New one on me

Thanks for all the comments, I have emailed them to ask what on earth this is about as I have never missed a payment

They have miscounted your payments, I imagine. "Final Standard Payment" isn't a term -- but reference to your last normal (60th) payment, which they seem to think you haven't made.

I agree with Foggy.

Make sure you made 60 payments to date, if so they are wrong. If you have made 59 however...

Did you get your own valuation to argue the equity level point?

So all sorted. I started a new job at the end of July and my former employer didn't pay me correctly in my last pay packet. I had to delay my 1st August payment to Payplan by a few days until it was sorted. They forgot to take into account I had settled it and put it on the end of the IVA!

In regard to the valuation Lisa, it is not the value of the house I am in dispute about but the way they have calculated if I have equity. Payplans calculation vs the one shown on there website are completely different, but they have "manipulated" the figures so I have to pay another 12 months

Glad you got the payment sorted.

Still think you should your own valuation and see if you have any equity or not.

I would state to them that the method of calculation shown on their website ( screenshot it, just in case they change it) was a material consideration when you entered the IVA and was relied upon in entering the contract and should not be amended.

Then complain internally and escalate to the Government Gateway if no joy.

The calculation should be based on what was shown in your Proposals and any modifications - this is your starting point to challenge the equitable interest calculations, plus any valuation.