question category: IVA

I'm on a IVA but due to a clause in it, i messed it up big time!


I'm on the IVA at the moment but due to a clause that was written into it by HMRC i failed my agreement within the first 2 months due to loss in earnings. I only found this out 13 months into the IVA after paying what i could each month based on the advice i had at the time (15000+ a month). I owed 18K and have records to show i paid at least 8K over those months but that was over 18 months ago, i asked my insolvency practitioner again recently on my status and they said again it is with lawyers as they did last year and i should expect a letter expling the net stage! I have not paid towards the iva for over 18 months and unsure what is going on. There is also a clause that states i do not pay tax while within the IVA and now worried i will have pay back payments to make for a very long time to come. Why is it taking so long when my intent was to sort it all out 5 years ago and now i'm here in a worst place.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Re: I'm on a IVA but due to a clause in it, i messed it up ...

From the information you have provided it would not be possible to tell what the clause was regarding HMRC and it is difficult to know whether your IVA is still in place, in the process of being failed or has failed. However as you are awaiting a response letter from the lawyers then the answers may be within their response, as you have already been advised that the letter will be sent explaining the next stage. It would not be possible to answer your questions here as all of the answers are with the Insolvency practice and the lawyers. If you feel that you are not being responded to in a timely fashion then you may need to raise a complaint.

 

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.

 

Want to ask your own question?

The content of this field is kept private and will not be shown publicly.

 

Our featured debt charity

Debt Advice Foundation

The Debt Advice Foundation offers:
 

  • Impartial advice
  • Debt solution to best suit your needs
  • Confidential helpline
  • Non-judgemental advice
  • No appointment needed