Not sure what to do, had a phone call from DFD today, I haven't missed any payments as such but, back in September, my fixed rate mortgage changed and went up by £130.00 per month, I only have £50.00 a month contingency. so was struggling, I approached DFD who told me to send reduced payments until they could arrange a variation meeting.
in November my mortgage dropped with the interest rates and has continued to drop until it is now just 10.00 above what i was paying originally. My payments were 590.00. they went up to 720.00 in September November, then went down to 690.00. they are now at 600.00.
I am behind on my iva payments by £244.00, I have had to borrow money from my parents to keep up with my mortgage. The variation took so long to organise and set up, that by the time i was sent an I & E form my mortgage payment had reduced and they would not continue with the variation. I now have them asking when I am going to catch up with the arrears, which I can't. I am paying the full amount now, which is £500.00 per month, I pay 56p in the £, but with only having £50.OO a month, (which is a laugh) with everything increasing not sure what my next step is. I have an insurance policy paying out in June of £1500, I know that I have to pay this in, but not sure about the £244.00 owing, I cant keep borrowing off my parents, as I have no way of paying it back.
Sorry its long winded.
Speak to DFD and I am sure they will come to some accomodation to pay off the arrears possibly without the need for a variation. Try and speak to your IP direct. Let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I would go back to DFD and explain that you cannot afford it and can they tag the amount on to the end of the arrangement. That is normally what happens.
I'm slightly confused by this post. You say that your mortgage payments are now only £10 different from what you were originally paying - so I am unsure why you are struggling. Has anything else happened to affect your budget?
And don't worry about being in arrears for such a small sum. This can always be tagged onto the end of the IVA, and I am a little suprised that so much effort is being put in to chase this amount.
If you are only £10 different now to the original payment amount then I also am confused as to why you are now unable to meet full repayment - I&E needs to reflect the exactly what you spend (within reason) - DFD have been really fair with us over the last 18mths or so and have always given a little on our favour !
Speak with your IP direct and insist on a new I&E and ensure you list everything down as is - not as DFD want to hear.
Good luck
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
And I am pleased to announce that DFD - Debt Free Direct have joined the trade organisation the Debt Resolution Forum (DRF).
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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
Thanks for your replies, maybe i wasn't clear enough sorry, I'm not struggling with the payments now, just at the time my mortgage increased, i was just wondering about the £244.00 arrears which accrued last year.
thanks again and apologies for the confusion, I will take your advise and contact them again.
And I would just like to say DFD who I have been with for 3 years have been excellent! you never get to speak to IP but the customer care team always sort you problem out. well have done in my case.
Hi
David, maybe you can do a post on the debt resolution forum ? It would be good for forum members to be aware of all the good work that you are doing and to know your goals with regard to the insolvency industry.
Regards
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I am pleased to confirm that DFD are thinking about the best way to participate effectively and to allocate the right resource.
So hopefully we will have one of their experts posting in the not too distant future here on the Forum. Watch this space.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
