I am going to have to cancel my Jan direct debit, I have struggled to keep it in the bank cause of Christmas, will this fail my IVA, I'm in my third year and am so upset. I've never missed a payment but I'm going to have to this time or not eat for the rest of the month, this is because I got paid early in December. Gutted isn't the word.
Please don't panic....pick the phone up to your IP and seek their approval for this .....I am sure if you explain they'll offer to help...better to ask in advance rather then tell them you have done it !!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Ring your Iva company as soon as. We have all been in this situation. I'm sure they will allow a payment break and for you to catch up. Try not to worry. Based on my own Iva experience x
Hi tarasue. Great advice given here, so I hope you feel calmer now. Just have a plan/offer in mind as to how you can catch up, e.g you could increase the next few payments or have an extra month added at the end. It wouldn't be a surprise if January was the 'most missed payment month'! Take care. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
Thanks for your replies, I will ring them today but the payment should come out tomorrow but rather than the direct debit be returned I had to cancel. I'm with Grant Thornton and by looking at posts on here they don't seem the most sympathetic to deal with! I was just worried they might fail my IVA. I will really try to catch up as I hate having to miss a payment and I am so worried about it. x
Give them a ring and explain, could you offer half payment maybe rather than no payment? You can always then make the shortfall up over the next few months with their approval of course.x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
tarasue - Grant Thornton are just back todat after the Christmas break, hopefully you got speaking to one of the team today. If not please email us with IVA Forum in the subject line and we will review your case, as Supervisor we have discrestion so please don't panic,
I guess this highlights the need for careful budgeting during the year, and taking what you want to spend over Christmas does need to be managed during the year. In my practice we get a much higher volume of calls about missing payments during December abd January - and it a shame to see IVAs potentially falling into default for what might be viewed as non-essential expenditure by creditors. I refuse to pay my own employees early in December for these very reasons.
I hate getting paid early! We get paid on 25th of the month and in December for some reason we are paid a week early. I've managed to train myself not to touch it until after Christmas now but it's only years of experience!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Skippy
I hate getting paid early! We get paid on 25th of the month and in December for some reason we are paid a week early. I've managed to train myself not to touch it until after Christmas now but it's only years of experience!
I hope you get this sorted out Tarasue x
We are paid the last Friday of the month, although at Christmas we are paid before the holidays - sometimes we would be only 3 weeks after our end of November payment, and then have to go 6 weeks until the end of January!! Nowadays if the Friday before Christmas is 17th/18th they will make the payment day 22nd or 23rd.
If there is a big gap between payments and the 1st of the month (ie. we were paid on the 21st this time) I will transfer those direct debit amounts to my savings account until nearer the time, and transfer them back again.
Not that any of that is much help to you Tarasue, but I hope you can get things sorted out x
Final payment 1st April 2016.
Completion Certificate received 19th May 2016.
I get paid on the 16th of the month, hubby gets his pension on the 1st of the month. It's only paid slightly earlier if the dates fall on a weekend or a bank holiday.
The ops scenario is exactly why I used Thinkbanking during my IVA and never missed a single payment or any other direct debit in those 5 years. I also have not had any interest in moving to mainstream bank a year after finishing my IVA.
Their systems recognise early christmas payments and put them in the correct account so you can't just spend it.
Yes you pay for a monthly management fee but well worth the money in my opinion.
Last edited by herbekj on Wed Jan 02, 2013 7:11 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
I did the same as Skeef, I transferred my salary into my savings account until 24th December and then transferred it back. It's each to their own but I wouldn't pay someone to do that for me!
