Is this normal, though I am not complaining. I have nearly done 5 years in the IVA. As I couldnt release equity from my propery Payplan proposed that my IVA be extended for 24 months. My creditors accepted the proposals but only wanted an extra 12 months !! Now my financial situation has changed my monthly payments have gone from £431.00 to £202.00, again a meeting was arranged and Payplan suggested that my payments were halved but extended for 12 months. Again my creditors agreed to the reduced rate but said they didnt want an extra 12 months ??? I'm really pleased but confused as to why they aren't trying to get as much as possible from me [?]
Payplan suggested 7 years when I couldnt release any equity, they were expecting 19k from this so I think Payplan saw this as a big loss and suggested 7 years for that reason. Then this had only just been arranged when I had to half my monthly payments so I think Payplan may have thought my creditors would refuse the variation without any sort of incentive. I am suprised that my creditors didnt want the extra 12 months though
this will make me a bit wary now when the time comes but having been in the iva a while now will always put my case forward and not just accept what im told if its not right.
this site has shown me the way.
well done creditors
cc received 6th January 2014 now upwards and onwards
You have complied with what has been required and I certainly would not have proposed a 24 month extension. If creditors asked for this at the meeting it would be for you to decide or your IP to fight your corner. It is not a question of squeezing every penny out of you for as long as possible and at least your creditors recognise that.
Michael Peoples wrote:
Your creditors are being fair. The real question is why are Payplan trying to extend your IVA to seven years when creditors do not want that?
That would be for an extra 12 months fees.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Wow - I didnt realise that. the second question is I have had a couple of Payday loans whislt on the IVA - dont ask !! When will this be picked up by my IP ? Or may he already know and turn a blind eye. I dont want to carry on with my contributions till next July if he will fail it at the final hurdle. Does the IP check my credit file upon completion?
Have you paid these loans back? Does it show on your bank statements if your IP asks for them?
You should tell your IP about them to be on the safe side, always best to be upfront and honest.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have paid one back and am still paying the other off gradually. My IP has not asked for my bank statements in the nearly five years since I started the iva !
We would not do that as it could adversely impact on a client's credit file just as their IVA has completed but I cannot speak for Payplan. Regardless, the payday loans may have been allowable under the terms of your IVA if they were below £500 so that might not even be an issue. I doubt it would lead to failure even if it was a breach but it is possible that your creditors would need to be notified.
Thanks Michael thats really good to know. I am single with 2 children and have been through 4 £400 cars since in the IVA. Hence the need for Payday loans, without the car I couldnt get the kids to school and myself to work so the IVA would have failed anyway, and I'm dwesperate to make it work. I feel re-assured by that, thankyou. Next July here I come then !!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
