We were initially told that if we had to replace large items in the house - fridge, cooker etc we would be able to do so when we first discussed an IA - but have now been told any costs for large items like this will be added on to the end of the IVA is this right?
Hi Nicola, you will have a contingency fund I'm assuming? The monies in this should be accrued and then if anything breaks down or happens this money will hopefully cover the cost of the replacement. If you had a payment break for any reason these payments would be tagged onto the end of your IVA or you could choose to pay a little extra each month so the arrears cleared and you could conclude the IVA on time. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Nichola
I suspect that what they may be saying is that if you cannot pay to replace broken items from your contingency fund then you may get a payment break to allow you the funds however if you had a months break then that would be an extra month to pay.
Hi Nicola and welcome! I think you may have been speaking at cross purposes in your initial discussion...easily done. You are allowed to replace these items by taking a payment break whic as Foggy said is tacked onto the end of your iva? Do you have a biggie coming up? xx
Welcome Nicola - are you going to have to replace something soon? Have a chat with your IP, I'm sure there will be no problems with a payment break and you could make up the arrears by either tagging it on to the end or paying a little extra each month until they are gone.
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
I am likely to be in debt straight after my IVA is finished. Everything will need replaing as no money to do during the IVA. All appliances knackered, everything need decorating, Outside Fachias crumbling. Need new carpets, new suite, new bed.
I get a continegnecy of £21 if I could save every penny it could even afford one of these things a year.
I've had to have a few payment breaks along the way admittedly, washing machine, boiler repairs and eventually new boiler to name a few.........I admit it's a hard slog mole but I keep telling myself it will be worth it. In arrears as I type due to new boiler and on other occasions been able to pay a little extra each month to chip away at those arrears but with the cost of living going up and hubby's paycut and my job up in the air there for a while, I've not been able to this time. I did email my IP last night to hopefully see if she has any ideas of how I can find a way forward. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
We will definitely need a new suite when the IVA finishes. The one we have is 6 years old now and looking very battered!
Fortunately (touch wood) we've had no major appliances go wrong.
Lesley - you have done brilliantly.
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
As has already been said, if you have a financial emergency during your IVA such as a large home appliance breaking, you should be able to take a payment break from your IVA for up to three months to pay for the repair or replacement. However this would always have to be made up with extra payments at the end of your IVA. If it was suggested to you that you would not have to make such missed payments up, unfortunately you were miss-informed.
