my current IVA

[paul51]

I am at the end of year one which due to a loss of income and illness forcing me onto lower pay my IVA is not going well...
I am with Payplan and though they have been very supportive I AM NOW ONLY IN A POSITION TO MAKE THE PROPER PAYMENTS ON TIME!
I am about to write to them to say that I am now going back to work and will make up my shortfall of £585 by seond year end otherwise my head is just saying give up....
Can anybody give advice as to the flexability of the ip or should I just write to them to ask them to petition for BK....
thank you

[MelanieGiles]

Hi Paul and welcome to the forum

Could you explain what you mean by "the proper payments"? If you mean the payments that you originally agreed to make, then so long as you can keep these up I cannot see that there is a problem with your IVA at all. How has the shortfall of £585 arisen?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[paul51]

Dear melanie

I have suffered from depression and anxiety for 4 years and it came to a head 2 months ago.My employer put me into another position without my allowances hence I have not been able to pay my £195 monthly payment.However my work has now been sorted and I am able to get my allowances back and will therefore commence my payments on 01/12/07.........It has not been easy this last year but I so desperately want it to work.Payplan alowed me in my first year to make lower payments but by doing that have had to go back to creditors for a variation meeting which they have said will be approved.however I am now this 3 months short and I dont know what to say to them

[MelanieGiles]

As you say they have been supportive in the past, and you do have good reasons for the missed payments. Just tell them the truth and ask them for their advice. If you feel that you are now in position to recommence payments, I cannot see that this causes tremendous difficulties, but at this juncture it may be worth to think about bankruptcy proceedings as perhaps a more final and certain outcome for you. Are you a property owner?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[paul51]

Thank you - no I am lucky not to own my property it is on a long term tenancy.
I know that I will be able to make this amount up before the end of second year assessement but I would like to put this all behind me and be able to make these payments on time every month

[MelanieGiles]

Then you seem to be the perfect IVA client, and one I would be proud to have! Speak to Payplan tomorrow and reassure them that you remain committed and are now on track to put things right.

Good luck and let us know the outcome in due course.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[paul51]

I have considered br but am scared about the procedure from being in an IVA with payplan for them to then pettion for BR