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IVA 5yr complete but now demanding more money?

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3 posts • Page 1 of 1

IVA 5yr complete but now demanding more money?

Postby Craig1982music » February 24th, 2017, 1:59 pm

Hi All,
Very new to this and just signed up so thank you or anyone who responds.
In a nutshell, I have completed 5 years of my IVA which was worth around £16,500. I have paid on average between £150-175 a month and never missed a payment. I have sent in all of my wage slips when requested and any all income/expenditure information too.

The 5 yrs ended in August 2016. I heard nothing for 2 months but payments stopped.

I was then sent a letter around October stating I'd underpaid around £3000 and 'earnt too much' which is a lot of rubbish. They demanded I paid this and respond within 7-14 days or something similar.

I put my case forward and sent them a long letter and details of my maintenance charges for my estate for the past 5 years which went over the £3000 that they are demanding. I explained that all of my money and help from my parents had paid for the maintenance charges and that this should be taken into consideration. I heard NOTHING back from Freeman Jones for 4 months and have yesterday received a very generic letter from my supervisor (who has no name at all on the letter) stating that I have breached my IVA and they are demanding I get in touch with them within 30 days to resolve this.
They acknowledged the previous letter so I know that they have received this.

How can a firm be so demanding and on the verge of bullying with these letters and what are my options now? I do not want to have to pay another 12 months or remortgage due to this. I have obviously no savings, a basic car and high mortgage.
Any support or advice would be gladly appreciated as soon as possible to help resolve this.

Thank you all :)
Craig1982music
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Joined: February 24th, 2017, 1:49 pm

Re: IVA 5yr complete but now demanding more money?

Postby Debtwizard » February 25th, 2017, 11:55 am

Hello Craig1982music and a very warm welcome to the DebtWizard IVA and debt help forum.

I can see this is a worry for you and will try and do my best to help you plan a way forward.

Do you have your original IVA proposal to hand? This will be between 30 and 50 pages, you will also need to locate your 'Chairman's Report', issued with two days of your IVA being agreed and start date. This is a document of one or two pages that reflects on any changes made to your IVA proposal, for instance if the proposal said you were to pay £175 per month but creditors said they would only accept £200 then this would be detailed in the Chairman's Report, any agreed changes.

Next you will need to locate your yearly review letters and read through these and make a note of any material changes.

I note that you said your IVA supervisor has responded to your query about the payments made thus far, has he/she detailed EXACTLY when they say you need to pay more? They may well quote a paragraph or reference in your proposal or the Chairman's Report, this why I say it is important you read these first.

Just one observation thus far, I note in your earlier post you said this
I do not want to have to pay another 12 months or remortgage due to this

If you are a house owner and on year five of the IVA cannot re-mortgage, (I suspect you will not be able to do this due to a poor credit rating) then what is usually added in your IVA Proposal, is that you will continue to make another 12 months payments into the IVA to cover your share of the equity.

Trust this helps a little.

Best wishes,

Mike
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Re: IVA 5yr complete but now demanding more money?

Postby Debtwizard » March 2nd, 2017, 4:14 pm

Hello Craig1992music

Just seeing how you are getting on and if my last post was helpful.

Best wishes,

Mike
How do we help at DebtWizard?

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