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Stuart J
Stuart J, Accountant
Category: UK Tax
Satisfied Customers: 22624
Experience:  UK Solicitor in high street practice for 20 years
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I have an I. V. A. its supposed to be 5 year period. The

Customer Question

I have an I. V. A. its supposed to be for a 5 year period. The Company i am with are trying to make it 6 years. I was promised a Chairmans Report. Nothing sent.. I have just been assessed, my pension as been added in to money earned for the first time. And this time also my last years expenses had been taken back to May 2013, instead of my payment of £327 been taken from the surplus. The 2013 amount £100 as been used. My payment as gone up now to £607.00 per year for the next 3 years. I cant get the I V A company to give me a report of what`s been paid to my creditors. I saw something last year that the amount i owed had gone up,because they are using KMPG the accountants
Submitted: 1 year ago.
Category: UK Tax
Expert:  Stuart J replied 1 year ago.

Although you are entitled to know how much has gone to creditors, it is actually immaterial from your point of view and the frustrating thing is that big chunks of this money will not go to creditors at all but simply go to the IVA managers. You pay an amount of money for a period of time

If your income changes substantially within the period of the IVA it can be extended and the payments increased.

What exactly is it that you want to know about this? You have not actually asked a question.

Customer: replied 1 year ago.
Can the years be increased without going back through court. I have had nothing in writing to that effect.. My payment for next 3 years as gone up £327 - £607. Can they just do as they want. Is there no Government guide lines
Expert:  Stuart J replied 1 year ago.

Has your income increased substantially or have your living expenses dropped since you started the IVA