What Happens At The End Of An Iva Agreement

I suggest that you tell them that no tax return has been filed yet and ask them what alternative information they want instead. An IVA is a legally binding agreement, which means that creditors must abide by the rules. It also means that you have to stick to what you agreed as part of your IVA proposal. If you don`t, it can cause your IVA to fail. Hi, I started a 6 year old IVA in September 2016, I paid the £75 per month religiously and all my PPIs were also deposited. My debt was £9,000, which I have paid in £11,000 so far. I also receive the explanation of my debts from my creditors and according to them, what I owe them does not decrease. Last December I asked my IVA how much was left, hoping to be able to repay it, I was told that £2,000. My IVA company changed in August and I received a letter and phone call to say that my monthly payments will increase to £125 a month and I still owe £3,000.

How is that possible? I ask the lady to check all this, she said she could see the PPI but she should call back to confirm this. 1 month in nothing, so I sent an email twice at intervals of 2 weeks and no response. Calling also doesn`t seem to be going anywhere. Whatever amount is left, I can`t afford it, but the debt has been well paid and they don`t even offer to check the one-year end date and increase the price. What can I do? Among the many questions we are asked about IVAs and the processes associated with IVAs, the question of what happens when the IVA is completed is often overlooked, but we think it is of real importance. Have you read debtcamel.co.uk/repair-credit-record-iva/? Have you verified that all debts in your IVA have default dates if before the date your IVA started? If you gave, just wait until January and your score should have improved. Stop applying for loans until it happens! This closure process used to take 6 to 8 weeks, but sometimes there can be long delays. If your certificate of completion has not arrived after three months, I suggest you ask every few weeks what is going on and if you need to provide more information. I just finished my 6-year-old IVA, originally Thornton, then Aperture, now Jarvis.

They want my tax return for 2020 because I`m self-employed, which is not yet due to HMRC. so they said that the last few years are coming back with the bank statements of the last 3 months. In the last 3 months I have had a low income, but due to COVID19, I have also received the SEISS grant from the state. The subsidy plus revenues will be higher than the original income plan. I was told they would allow for a 10% increase in revenue, but the rest was not clear how much they would take as a lump sum payment. The reason my income is higher than usual is that I opened up the lost time and tried to win back the customers and revenue that had been lost originally. So if my last payment was closer to the year-end tax return they originally requested and I could submit, that would be enough for 2020. Be in agreement with the income they had for me on the file. I hope that makes sense. Since my last payment is now, I`m afraid they`ll only see the last 3 months and ask for a lump sum.

(They didn`t say what percentage they would ask.) instead of considering all year round what they would do if my final payment was later! Yes, I know it sounds confusing! Any advice would be accepted with gratitude. .

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