Advice needed.

Balu1066

Hi.
I'm 4 years into an IVA, biggest mistake of my life.
I'm not proud that I had debts of £26.000 but I've paid back £22.000 of it. I had a big change in circumstances last year and could not afford the payment, informed them, filled out a new expenditure form & they informed me to cancel my Direct Debit which I did........
I was then contacted in December & told that my IVA was going to Variation & someone would be in touch. I've contacted the company several times in the meantime & been told they're waiting for a creditors meeting.
5 months later & I've now had an email saying I'm £960 in arrears & must pay immediately!!!
Please can someone help/advise me as I'm at a loss. I've tried contacting them again & am getting passed from pillar to post.

Thanks in advance.

sourcrates

Yes Unfortunatly your IVA company has not been very good at explaining what happens with missed payments in an IVA.

Whenever you have to reduce your monthly payment, you are still responsible for making up those missing arrears until, or unless, the matter goes to a variation meeting.

Only then, if your new payment proposal is accepted, will you stop being liable for any arrears accumulated.

So you will be liable for the difference between what you should have paid, and what you did pay, for the months they are concerned with.

This is all listed in your IVA protocol paperwork, and they should have informed you of such as well.

I would register a formal complaint with your IP for the lack of communication on their part.

Balu1066

Thank you. What's IP? 

fatbelly

Insolvency Practitioner - the one you got your IVA through

https://debtcamel.co.uk/complaint-iva/