Year 2 Review

kgkev

I have just completed my 2nd year of my IVA. I had debts of around £40k.

I started paying £400 a month and kept this up for 13 months.

I then requested an "amendment" meeting to request that I lower my monthly payment to £350 as I was finding it hard at the end of each month to afford food.

It was approved as long as I made up the difference by the end of the iva or it was extended to pay additional payments. The person dealing with my case explained that it would be in my best interest to try my hardest to increase my payments as I would have to pay the IP fee's for each additional month.

I did my I&E in december and suggested that I should put up my payment to £395 with the view to increase it again next year.

However I have now received the review that was submitted to court.

It reads

No objection was received to Mr & Mrs XXX's request providing that the arrangement was extended by a further 11 months which Mr XXX agreed to. The Requisite majority of creditors agreed to the reduction in monthly contributions.

This is not true. I agreed verbally that if I hadn't made the 42p in the £ amount stipulated in the first document then it could be extended by a set period.

This document also does not increase my monthly payment. As far as I can tell my creditors will still receive 42p/£, I will have to pay for an additional 11 months and my IP will be the only one who benefits from more fees

I have spoken to them and they are looking into it.

I just wanted some advise on what my rights were. Is it possible to move my IVA to an IP that doesn't charge without affecting the length of the IVA. I think if I did this I would easily make the 42p/£ marker within the 5 years.

I think I have paid £8000 in 2 years but only £5000 has gone to my creditors.