Missing a months payment

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s.b

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Post by s.b » Tue Jun 10, 2008 11:27 am
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Morning
What happens if you miss just one months IVA payment without permission? I have been borrowing a bit of money and need to pay it back
Thanks
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indebtforever

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Post by indebtforever » Tue Jun 10, 2008 11:38 am
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contact your ip first you will need permission to miss a payment i would think if you tell him you are struggling he will help and you will catch up later
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rayb

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Post by rayb » Tue Jun 10, 2008 11:38 am
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I would seriously contact your IP and explain the situation to them however your creditors come first so whoever you had borrowed off would have to wait. Your arrangement is likely to fail if you miss 3 payments but again speak to your IP as they may be able to tag this payment on to the end or you increase your monthly payment to compensate through the year
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Oliver

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Post by Oliver » Tue Jun 10, 2008 12:50 pm
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You also need to look into why you have borrowed money as your budgets may not be set right. In theory you should be able to live with the I&E set within your agreement.
Best Regards
Oliver
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