2 months to finish IVA, I lose my job, whats next?

joeyjoo

ok I lost my job 2 months before my IVA was to come to a end, I stopped all payments, spoke to who I iva with, advised to send a letter form my former employer of my last day of work, which I did, In the mean time I received my annual review letter 3 weeks after sending my letter off, I called my iva company and was told its a automated letter which was sent out to me, the annual review letter states to send copys of 7 doucments, some which I have never been asked before in 5 years ive been in a iva.

12 months payslips, (I can provide)
most resent p60, (In my case it will be p45)
expenditure form, (I can provide)
latest mortgage statement or rental agreement,(never asked before but I can provide, rent agreement)
conifirmation of any other amendments to your income and expenditure with supporting documents, (which I can provide i.e car faulty part invoice etc)


but the below I cannot provide,



full tax credit or other benefits award notice( I was never asked this before, do I need to still provide,)


3 months bank statement( I was never asked to provide this before, do I still need to provide?)


the ones that are in bold are the ones that I have never been asked to provide before, so what will happened if I don't provide 3 months bank statements and tax credit or benefits award?


I ive already sent off the documents with out 3 months bank statement and tax credit benefit awards.


p.s why do IVA companies take 6 to 8 weeks to review documents you send them?

longtermplanner

Good article here on what happens in IVAs if you lose job or other problems crop up: http://debtcamel.co.uk/cant-afford-iva-payments/ 2 months from the end of your IVA it should all be able to be sorted somehow.

Just get the bank statements and benefit letters - why does it matter that you have never been asked for them before?

joeyjoo

it matters regarding my bank statements that's my privacy what or how I use money

longtermplanner

You aren't in a good position to insist on privacy. Until you complete your IVA, you need to co-operate with reasonable requests from your IP. Asking to see bank statements is not unreasonable as it lets them check on your income.

sourcrates

I was in a similar position, my creditors accepted payments to date as full and final settlement, surely if you only have two months left to run, this is the best option available to you, have you put this to your IP ?
If not, I would certainly straight away.

joeyjoo

@longtermplanner
my pay slips shows my income, don't see what's the difference with bank statements as it shows the same income.


@sourcrates
I've taken your advice, I just called my IP and he was happy to accept the 2 months payments, full and final. I have a question for you, after completing your IVA how soon did you receive acknowledgement of completion as I was told it could take upto 5 months?

sourcrates

joeyjoo wrote: »

@sourcrates
I've taken your advice, I just called my IP and he was happy to accept the 2 months payments, full and final. I have a question for you, after completing your IVA how soon did you receive acknowledgement of completion as I was told it could take upto 5 months?

Im still waiting, creditors accepted payments to date April 2013, the PPI situation has dragged on since then, February this year was told there may be a delay processing my certificate of completion as they have a backlog, but expected to be within 6 months

alastairq

my pay slips shows my income, don't see what's the difference with bank statements as it shows the same income.

You know that, but they don't. It's about evidence.

In this case, to show no other sources of income?

beckett110

I'm in an IVA too and I have been asked for the last 3 months payslips for every annual review. I personally don't think that it's unreasonable as they need to see proof of income and expenditure to make sure that they can make the correct decision, after all how do they know that you aren't earning more than you claim or that you haven't got lots of savings to help contribute towards an IVA.

I would be inclined to agree to it unless I had something to hide but that's just my opinion. I'm currently waiting on my creditors meeting to end my IVA early based on payments made so far due to reduction in tax credits each month.

Tinks74

joeyjoo wrote: »

it matters regarding my bank statements that's my privacy what or how I use money

To a point yes, however I have seen statements where someone in an IVA was regularly spending £2-300 per month on telephone tarot card lines, the creditors don't look kindly on that kind of frivolous expense especially when the person was then claiming that they "Were struggling to make the IVA contributions" - Not that I am suggesting that you are doing anything of that kind, however seeing how you spend your money is as important to the IP as seeing how much money you have coming in.

Your expenditure is assessed in relation to the CCS guidelines and if it is comparable then chances are no comments would be made.