Hi Polar - well done on getting so far - the end is so close.
I agree with David, and everyone else - your creditors are not going to want to see your arrangement fail when you are so close to the end of the IVA.
Your IP will need to go back to your creditors and either ask them to accept what they have had so far in full and final (and so agree that the arrears on your arrangement be forgiven) or you will have to make another few payments to make them up. If there was good reason for you getting into arrears, I would be surprised if they did not agree to you making your last payment being the one in December.
With regards to the interest, this is automatically distributed to your creditors and so should not really come into the equation when they are considering your payment record. It is always a good idea to point out exactly what they have had though in interest and monthly contributions.
Congratulations though it must be a great relief that it is nearly all over.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Liz has only suggested that creditors could be asked to accept what you have already paid and to forget the arrears - this is what I also indicated earlier. This has to be done by way of a variation which should not cost you anything. This could also be worded so that the missed payments are no longer considered a breach.
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 shall hopefully be able to make up the missed payment by December. This will then leave me the final 2 payments to make up the shortfall. (I shall ask my parents for a loan)
I can't see creditors agreeing to finishing my IVA with 3 payments outstanding especially as I am in a position to pay them all.
Good on you - and if you can afford to then go for it. Yes there is light at the end of the tunnel and your appear to have made it. Well done.
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.
