Help with IVA

Flossy84

Can anyone help with my IVA? I entered into it in June 2006 and was expecting it to end next year...but I have just had my annual report and it has been extended for another 2 years and is now not due to end until 2013!!! I am not a home owner and have no assets...I don't understand why it has been extended???

Charco_2

Surely something must have been explained to you!?

Only thing I can think of is perhaps you missed payments along the way (a lot of payments!!!!!!) or significantly reduced your payments at some stage!

Flossy84

Nothing was explained to me, I have not missed a single payment, payments have never decreased (only increased!).
The wording in the report is "I am exercising my power as Supervisor, to extend the arrangement for 2 years until 5 July 2010, in order to allow for realisation of assets, agree creditors claims and to deal with any other matters arising." That is also what it stated in the original proposal (I thought nothing of it as I don't have any assets!). Surely they should have made me aware of any problems with creditors? I don't know what "other matters" can arise...I am thinking that I am being stitched up just so they get a load more money out of me!!!

kns_2

I would ask them to explain as an IVA is only for 60 months unless stated in your agreement.
Tell them you will not continue for another 24months and to call another meeting.

Charco_2

I'll check around tomorrow... Could be worth discussing this with their regulators too but let me ask around if it's normal... Who is your iva company!?

Charco_2

As I thought, chancers!

There is ONE other reason I can think of for them to come to this conclusion. It comes down to the phrasing of your IVA... whether or not your IVA promised a certain dividend to your creditors or simply that you pay in a certain amount.

If your IVA promised a certain dividend and then the creditors claims for their debts came in at a higher level than exected then your dividend is going to be lower than promised! I still think this is not your fault and you should not be punished for a balls-up by them (Pardon my language!). So first thing is to contact your IP - insist on the IP, not just a supervisor - and ask him to explain it to you. (Dont give him any clues or pointers, simply ask for an explanation)

Do not let him bluff you!

As you said above, his likely explanation is going to be "1. to allow for realisation of assets, 2. agree creditors claims and 3. to deal with any other matters arising"

1. You do not have any assets as you mentioned above
2. They have had FOUR YEARS to agree creditors claims and
3. What other matters arising? You have served your agreed time!

If you are unsatisfied with your conversation with your IP (ie - he does not back down and agree that your IVA will end as planned on five years) then explain to him that you have tried to sort this matter through their internal procedures but you see no option now but to raise the matter with their regulators... then ask him for the contact details you require!

Don't worry if he refuses, I'm sure i can rustle them up for you!

Who is your IVA Company by the way!?

Flossy84

Thank you so much for your help Charco.

I am dealing with Tenon. I contacted them today and they told me that I will not have to pay any more after the 6o months, the 2 years is just time for them to sort everything out their end and send the money over! Panic over!! I wish they would have worded it differently! I just wanted some advice before I phoned them to see if what they were doing is normal...or if I was within my right to tell them where to go!
Thanks again...if it does come up again at the end I will know what to do now.

Charco_2

Two years to sort out what their end?