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Jamie-Law
Jamie-Law, Solicitor
Category: Law
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Experience:  Solicitor
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My husband entered in to an iva and he had an extesion of 12

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my husband entered in to an iva and he had an extesion of 12 month for the six year we are now finding that debt free direct are now asking for a reveiw of his income and expenditure however last december was the five year period and they sent a letter stating that if he pays 12 months at the same payments of his last december payment that would be the end of this but they have now requested a reveiw of his income and now there are only four more payments to complete the iva can you advise many thanks
Submitted: 4 months ago.
Category: Law
Customer: replied 4 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Jamie-Law replied 4 months ago.

hello my name is ***** ***** I will help you with this.

Is the IP asking or a creditor please?

Customer: replied 4 months ago.
The IP is asking by letter for another income and expenditure review
Expert:  Jamie-Law replied 4 months ago.

but it was never a condition of the IVA or extension that it would ever be reviewed?

Customer: replied 4 months ago.
This is an IVA, the agreement was that that the arrangement would be extended for a period of 12x month and during thid periodI would continue to make monthly payments in lieu of equity, the payments were to be set at the same level as the last payement originally due at theend of the five year period. The Company being Debt Free Direct are now aking for a review of my income and expenditure
Expert:  Jamie-Law replied 4 months ago.

Ok. Unless it is a term of the IVA then no review can or need take place.

So you need to check the agreement of the IVA. If it does not say the payments can be reviewed then they cannot. Even then it would only be where there is a change in circumstances, Ie a higher paid job.

But check the agreement itself or the terms, they can only have a review if the agreement itself allows for one.

Can I clairfy anything for you about this today please?

Customer: replied 4 months ago.
The agreement states: "if Iam unable to obtain a remortgage , my supervisor, will extend the IVA by up to twelve months to enable me to make addittional contributions in lieu of a remortgage in respect of my equity. In these particulsr circumstances, the supervisiors discretion overrides the requirment to vary the proposal, if it is extended by more than 9x months". In the letter I recieved to agree to the 12x months extention, there was no mention that this was subject to further reviews during the extention period? I cannot find any reference to a review during the extention period?
Expert:  Jamie-Law replied 4 months ago.

Then they can't get a review. the agreement does NOT expressly state they can.

So they can not. To do so, it MUST be in the agreement

Does that clarify?

Customer: replied 4 months ago.
thank you for your help
Expert:  Jamie-Law replied 4 months ago.

If I could ask you to rate my answer before you go today, otherwise the site does not pay me for the time spent with you today. Thank you in advance and good luck!

Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 1724
Experience: Solicitor
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