can my IVA do this?

keeny1975

I'm in my 7th year of my iva.

My original agreement was to pay £24'000 and then remortgage my house to pay the interest. however i have not paid any in any of my overtime and i owe £7'000. to date i have paid £4'000 of that off. in December this year i got a call from my IVA asking if i would like to claim on the PPI of my debts and that it would help me complete quicker depending on the amount i get back (if any) so i said yes.

I tried to remortgage my house and no one will touch me because of my poor rating and I'm on an IVA.

So Grant Thornton (my iva) Said i had to send tow letters of rejection (which no one will give me) and then i would have to pay another year's contributions and pay off my £3000 overtime debt. i was told that the remortgage amount i owe (after they went through what i have paid on my mortgage and based of the value of my house) was £5'000. the monthly contributions for 12 months come to £6'500 which dosent seem very fair to me.

if i do overtime they will stay take there half so i have to pay it all in to play catch up.
they have told me that My PPI claim was part of the original agreement and that i have to surrender to my IVA even if i complete before the PPI is paid out. which is strange as there was no such thing as a PPI Claim when i started my IVA and i haven't signed anything new to say it would go to the IVA even after completion.

is there anything i have put here seem out of order or perfectly fine?

also how do i calculate the interest i have to pay on my IVA?

thanks.

Anondebtadvisor

When you enter into an IVA it is your responsibilty to pay over any additional overtime payments, if you have received overtime and not paid it into your IVA then it is expected that you will make up these missing payments. Did your IVA run for 5 or 6years originally?

Where there is equity to be paid over they can be extended from 60months to 72 months in lieu of the equity.

Was the £7000 overtime in one year or over several years? if over a few years why did they not pick this up at annual reviews?

With the PPI, you will need to check your IVA proposal to see if it includes all assets or only defined assets as PPI can be an asset of the IVA. Have a read of this guidance issued to IPs http://www.icaew.com/~/media/Files/Technical/Insolvency/helpsheets-and-checklists/personal-insolvency/guidance-note-on-payment-protection-insurance-claims.pdf