I would get Size5 to look into that for you. Creditors would probably prefer the IVA to be varied rather than have the hassle of pursuing you again directly, or worse still you petitioning for your own bankruptcy. However, to vary an IVA there does have to be a credible alternative, and if you are going on extended maternity leave this may affect your ability to pay any form of repayment.
In my firm, we continue to give advice and support to our clients even if an IVA fails - we can help with bankruptcy applications, or look at the possibility of a DMP. Ask your IP if there is anything else they can do to help you - they are a reputable firm.
Hi, just reading this and I am worried about my Iva at the moment. People told me to talk to my Iva company and they are in a position to help you but like you say here they are saying no you can't have that, no you can't do that, some of it is already done. So I can't undo it. Well it is a breech of your agreement and your iva could fail. Not really the sort of thing you want to hear from your iva after almost three years of paying in on time. I am with a different company though to yourself so maybe they are all the same and don't really help us that are struggling. I had to go to my brothers wedding this year in Australia and my parents said I had to go and they would pay for my flight and I could give it back to them. I couldn't not go and I also couldn't tell them about my Iva because they wouldn't understand would be extremely angry with me and also worry about me. I also got married this year and we had a small wedding but managed it. Now I've got a honeymoon to pay for of which our guests made a big contribution towards but there is a balance to pay before end of January and they are saying that this can't be taken in to account on an iva. They also tried to say that about my wedding but I argued the toss and said that that is my right, I am entitled to get married and I was not aware of a marriage at the time my Iva began. I was even single then. So I hope you managed to find another solution and if my IP is not willing to help or understand my circumstances then I may also find I will need to find another solution.
Many would say that by supporting you with your iva application and getting you that finiancial support in the first instance, is an IP being supportive, and the support throughout your iva term varies depending on the company the are with- it would seem, for example my initial IP co were brilliant- I could speak to a person the second I called and they'd answer any question there and then, but I was transferred to another company a year ago and it was the complete opposite!
You mentioned that your iva is in breach. With regards to your wedding, the honeymoon and your brothers wedding, did you keep them informed and ask for advice on if/how you can still do these things while living within your means, without breaching your terms ? Did you ask about a payment break Or Take out credit above £500 ?
I believe you could miss 3 payments before an iva fails, so could that help towards your expenditure in any way in the short term, then make over payments or extend your iva by the 3 months ?
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Unfortunately I have to agree with your IP. If you could not afford to go to Australia then you should probably have not gone. Many people not in IVAs cannot afford to travel overseas and if your parents were adamant then they could have paid for it.
Explaining that you had your own wedding to pay for would have been a reasonable excuse for not going and people would understand.
Most IP firms will do what they can to help but are restrained by what has been agreed between yourself and your creditors. The IP does not have the discretion to sanction some of the expenses you speak of and would get into trouble with the regulators and creditors alike.
Our IP told us our terms and we agreed to them. We had no luxury of holidays, sold posessions to buy things we needed and were very strict while in our iva, through wanting it to succeed and enable us to move on to a better future.
If we had taken holidays etc through use of credit or family borrowing then it could be deemed that we had not been learnt from the iva, and I imagine questions would be raised about how serious the debtor is about making a genuine commitment to sorting out their financial issues.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
When in an IVA the right to a family life doesn't really come into it. Unfortunately the Insolvency Act is pre Human Rights Act.
Any changes to the Insolvency Act going forward would have to balance that out including the right to privacy bu the IP's will have to work that out when it happens.
Anyone in an IVA has to make significant compromises when in an IVA especially where family is concerned. We should come out of ours next year so there will be a lot of making up to do.
We also recognise that whilst it has been hard it could have been worse based on some of the stories we have seen and heard of.
When going into an IVA you are basically asking someone to 1) recognise that things have gotten out of hand and 2) by spending 5-6 years you are trying to sort it out and 3) that by making that effort they potentially wipe out anything that is left owing at the end.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
We ended our IVA early with a full and final in April this year, and have definitely made up for it since (2 holidays the last 2 months, taking the kids for days out etc), all of which has had no credit involved- just good financial budgeting and planning, which we have learnt to do throughout the IVA.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
I would have loved any kind of holiday in the iva! We were engaged for four years preiva saving for a wedding. We had a honeymoon after as that was when we could afford it.
Sorry to sound blunt but I don't think you can moan at an unsupportive IP given what you have done. Agreeing to repay for flights to Australia is getting credit. Paying one creditor over another, even if it's yoyr parents, is a breach. Why not have a cheaper honeymoon if you absolutely have to have one? Why should creditors pay the balance which it sounds like you're saying?
I am prepared to be shot down for this but it's not supposed to be carry on as normal. It's supposed to be paying all you can whilst living basically for however long in return for the thousands of debt to be written off.
Indeed I took a payment break to pay for the car Mot never mind asking for a break so I could go to Australia, pay for a wedding and a honeymoon.
The idea is to be self sufficient and not live beyond your means.
If we don't have the money for something it's tough.
Seeing a bill come through today for the loan and seeing that they have only been paid back around £1500 of £15k after nearly 5 years you realise how little we have actually had to pay back on what we really owed.
Fri Oct 30, 2015 4:25 pmrelieved33 wrote:
I would have loved any kind of holiday in the iva! We were engaged for four years preiva saving for a wedding. We had a honeymoon after as that was when we could afford it.
Sorry to sound blunt but I don't think you can moan at an unsupportive IP given what you have done. Agreeing to repay for flights to Australia is getting credit. Paying one creditor over another, even if it's yoyr parents, is a breach. Why not have a cheaper honeymoon if you absolutely have to have one? Why should creditors pay the balance which it sounds like you're saying?
I am prepared to be shot down for this but it's not supposed to be carry on as normal. It's supposed to be paying all you can whilst living basically for however long in return for the thousands of debt to be written off.
Hi I did receive some breech notices during my IVA but I talked to them and I sorted it and got through it. I had to go to my brothers wedding. I didn't even spend as much as I thought I would so I paid some of it in to the IVA when I returned. No one knows my family. They wouldn't of understood and would have been questioning why I wasn't going especially as my parents paid some 9f the costs for me. I talked to my IP though and got thru it. It was very tough and I'm glad it is now all finished. I was on a tight budget and I didn't go out or get any new clothes on it. I just did the things I had to do in life whilst trying to maintain the IVA. I did talk, write and email them a lot during the time and I even had a child too in my 4th year of it running. The creditors ended up with 60% of the balances back and more than the original proposal, excluding the interest of course, as my income as a household increased due to me having access to my husbands salary 18 months later.
