Missed payments

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jillybean

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Post by jillybean » Sun Mar 30, 2008 11:41 am
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We missed our Dec 07 and Jan 08 payments. No problem with IP just confirmed the arrears to be paid back over the next 12 months. Problem is now we find ourselves with two additional expenditures (car problems and dental problems)and no money to sort either out. If we miss April payment will there be any serious concequences?
My husband has also had a basic salary for March (no overtime) but they have promised April will be busy so we could send more to IP in May.

Thank you
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jpj

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Post by jpj » Sun Mar 30, 2008 12:12 pm
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You will need to check your IVA paperwork, but I think most say if you miss 3 or more payments your IVA can fail!
I would be careful not to miss this next one...although that is easier said than done!
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MelanieGiles

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Post by MelanieGiles » Sun Mar 30, 2008 2:56 pm
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jpj is correct - can I ask why you missed your payments in December and January please?
Regards, Melanie Giles, Insolvency Practitioner
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jillybean

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Post by jillybean » Sun Mar 30, 2008 3:37 pm
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Husband changed jobs and had a very low November wage combined with Xmas period etc.
Do you think It would be acceptable to pay half in April without the IVA failing?
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MelanieGiles

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Post by MelanieGiles » Sun Mar 30, 2008 4:03 pm
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It is never a good idea to use Christmas as the reason for a non-payment, but if you half-pay April then you will only be two and a half months in arrears and therefore not in default. Try and chip away at those arrears over the next year, just to be on the safe side.
Regards, Melanie Giles, Insolvency Practitioner
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jillybean

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Post by jillybean » Sun Mar 30, 2008 4:13 pm
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Thank you Melanie
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