I just want to check on missed payments

[polar]

Hi,

Curently in the last year of my IVA and curently Pay £850 p/m
Last year I had a major problem with my car etc. This mean't that last June I was 3 Payments behind on my IVA. I have already missed 2 which were agreed by my IP. I made up 2 payments by Decemeber when my review takes place. The third missing payment was made up by January's payment. The IP just said it had been delayed in the post (My review is the 22nd December). I did say that I would have to repay my parents the money they lent me.
Therefore I missed Feb and March payments. I made April and Mays.
I got a letter at the beginning of May stating that I had not made any payments this year until April (January's was classed as decembers payment)and that my IVA would fail if I didn't contact the office immediately.
I contact my IP and said that I had to pay the money back to my parents that I was loaned, but I would be making payments as usual plus I would make up the 3 missed payments by late summer.
They are going to write me a letter at the end of May to show an missed payments etc.

I am currently on my last year of the IVA, due to finish March 09, and curently pay £850 p/m
I have put a proposal together that I will pay £1000 p/m (My wife now has a partime job, but the IVA is in my name)until December and make up my missed payments.
Does this sound feasable. I am in the same position I was last year and managed to hang on until the yearly review and was not forced into bankruptcy for my missed payments. I was given a chance to catch up. I just hope that my IP does not force me into Bankrupsy this time as I am in the same position I was in a year ago.
I would not like to be made bankrupt in the final year.
Is it usual to give the person a chance until the yearly review.
I just want to check my position.

[MelanieGiles]

It would be senseless to make you bankrupt at this stage of your IVA, Polar, and I am sure that your suggested settlement will be acceptable to your IP.

[s.b.w]

They should (never be 100% sure with these things)accept.

I missed a couple of payments which we ended up agreeing to repay at £100 per month ontop of my usual payment over the 6 months - a year of each review.

In September I missed a payment and we agreed that in the run up tot he end of my IVA (last payment was in April) I had to pay an additional £20 per month bringing my monthly payment up to £320.

I'm sure they'll accept it as you've arranged a plan to repay them.

Good luck

sharon

[luluj]

stay focused - your'e almost there at the end of the race ! Just think if you ahve to make a couple of extra payments it will be all worthwhile - extend your IVA for a couple of months if that is what it takes to achieve a successful outcome!

[polar]

Thanks Melanie for your swift reply.
Luluj: I can't extend my IVA as have already extended by 2 months.
I can however make up the missed payments by my next review.
Hopefully the IP will not call a creditors meeting.
I am in the same position I was last year and had to borrow from my parents to get my account upto date by the time of my review. Only problem I had to pay them back in Feb/Mar.
My IP last year told me to get my account up to date by my review. They have been very understanding hopefully they will this time.
Only 10 Months to go!!!!!!!!!!!!!

[s.b.w]

Fingers crossed for you polar!

I'm sure it'll be fine.

Sharon