Hello I have been in an IVA for the past 18 months (after previously being in a debt management plan for 4 years prior to this). It is arranged through Payplan. I keep having letters off them stating that I need to make higher payments and today got one saying that I need to make an immediate payment of over £800 as they have looked at my last 3 payslips and I have been getting more income than they thought. Aside from the fact that I don't have £800 lying around, I am really fed up with them hassling me. It is far worse than it ever was in the DMP. Also they always take my partne's income etc in to account even thought the IVA is in my name and relates to debts incurred years before I met him. He has nothing to do with any of it so why do I have to tell them about his income and expenditure. Where do I stand if I just lie and say he earns ss than he does? Surely they have no right to ever ask to see evidence of his income? Please advise me as I am so fed up with this, it has been going on for 6 years! Thanks
in an IVA you will be tied to the specific contractual agreements written within it. These usually include things such as:-
Paying 50% or more of any bonuses / overtime Requirement for continual review of payslips Requirement to be aware of contributions from partner - with documented proof.
The creditors usually require these to make sure that you are paying back as much as possible over the duration of the IVA.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
Sorry I forgot to say that once in an IVA you can't simply go Br , there is a certain procedure to follow which requires the IVA formally failing.
The judges ( or br clerks) now require this certificate or letter before they will accept the petition.
The good news is that this allows you sufficient time to save for the court fees.
However as PIX has said it seems a shame that you have managed to get through 18 months of the IVA ( probably the hardest) . Havr you had a discussion with your IP about your concerns?
Paul Johns Assisted Bankruptcy Specialists Reviva UK
HelloI have been in an IVA for the past 18 month
Posted - 05 January 2009 : 18:37:02
