Notice of Breach - terrified.
I'm halfway through my IVA and all has gone relatively well ntil recently when I have got into difficulties with payments,(due to all overtime at work being stopped) and, as a result have received a Notice of Breach. I am being asked to pay up front, within one month £1,175 to remedy the situation. I havent yet spoken to my supervisor as I only received the letter today, but fully intend to as a matter of urgency. What I am wanting to know is,do you have to pay the full sum up front within 1 month or are you allowed to put forward a proposal within a given time - say 6 months, or a year, to make additional contributions to make up the arrears? I desperately want to put this right, really don't want to fail my Iva having come this far, but surely the supervisor will realise that anyone in an IVA can't just come up with this sort of money immediately - otherwisw I wouldnr be in an IVA in 1st place.
If you have got into difficulties on the basis that you are not working overtime then your payments must be to high. You shouldn't be relying on overtime to fund your IVA contributions.
Last edited by LoneRanger on Wed Jun 10, 2009 7:23 am, edited 1 time in total.
Hi
I am sure that your IP will be sympathetic and allow you to catch up over a number of months.If this will be too difficult because of no overtime then ask for your IVA to be extended by a few months in order to repay the arrears.
LoneRanger makes a very valid point in that your payments into your IVA should be based on your basic pay and not overtime so in theory if overtime stops it should not impact on your ability to pay your IVA. You may need to fill out a fresh income and expenditure form and adjust your payments downwards.
Regards
Many Thanks for this Guys, feel a bit better about this - I did try 3 times today to contact my supervisor, left messages but he never got back to me as yet. Will try again tomorrow and post the response.
Thanks again
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi again! Good News. I spoke to my supervisor re the breach notice and arrears and, following discussion, he suggested that the best course of action will be to put forward a proposal to extend my IVA for 3 or maybe even 6 months. He said that this way it would ''wipe'' the arrears - albeit I obviously still must pay them back with the extension, and therefore bring my account up to date and not look as if its in arrears - as long as I don't get into any further difficculty and continue with my usual monthly payment.
You have no idea how relieved I am and I just cannot speak highly enough of the firm I am with - Varden Nuttall. I have read on this forum many times that some people don't seem to have much luck with their IP Supervisors,but I can honestly say mine is second to none. He was so sympathetic and said they'd do everything in their power to help me through with this in order to get things back on track and make sure I successfully complete in 3 years time!
Glad it is all sorted and hopefully all will contine smoothly until the finish.
Let us know how you are getting on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
