Hi
I am in a position where I have to leave my job to care for my parents as they have both recently fallen ill, I currently earn a little over £2k per month and pay £700 per month into my IVA, I have been paying it for 4 years.
I will get a carers allowance which isn't very much at all and will still have all my normal bills to meet. I have contacted my IP (PayPlan) but they've not been very helpful. They've said they can't help me until I know what my new monthly ins/outs will be.
Are they likely to make me bankrupt? I don't own a house I rent, and clearly don't have any savings.
Hi and welcome to the Forum.
Given the circumstances and the length of time you have been paying you should request a full and final settlement based on contributions to date. We have shut many similar cases and I am sure creditors would look sympathetically on you. Hope it works out.
Hi jscsc and welcome to the forum, I think you're doing a wonderful thing for your parents and hope that your creditors do look sympathetically on you and your IVA concludes successfully. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thank you both for the feedback, I can't pretend to understand what you mean exactly but I guess if I approach Payplan and suggest this they will know what to do and act appropriately. Just to confirm, does this mean no bankruptcy?
Last edited by jscsc on Mon Apr 19, 2010 8:40 pm, edited 1 time in total.
Hi
No it doesn't
First of all well done for taking the decision to look after your parents.
Ask your IVA provider to put forward a variation for your creditors to accept payments made to date as full and final settlement of your IVA. If they agree your IVA will conclude a year early and you will be debt free.Given the circumstances I think that you have a good chance of success.
Please let the forum know how you get on
Regards
You deserve a pat on the back for what you are doing for your parents, and certainly ought to be getting more support from your IP firm.
The suggestions to end the IVA by way of the contributions you have already paid over are sensible - and certainly what I would probably be doing for you were I acting for you.
Thanks again everyone for all the posts, I slept a bit better last night! I am going to contact my case officer today, is that the correct way to do it or should I contact the IPs?
My case manager has sent me an income/expenditure form to fill and says she will put forward the full and final settlement offer.
I feel very anxious now as I worry that this will in some way affect my parents and clearly I don't want them to have any more worry than they already have.
Do you know roughly how long it takes to get a decision on this sort of thing? By the way my debts are with Max recovery (they bought the debts) and Lloyds kpmg.
Good to see your IP acting quickly and hopefully the variation will be accepted soon. Your parents should not be affected in any way at all and your creditors are very commercial and understanding. I think you will be fine.
Hi
quote " I have contacted my IP (PayPlan) but they've not been very helpful. They've said they can't help me until I know what my new monthly ins/outs will be."
Would have been nice if they would have talked about the full and final option at this point rather then you having to raise the question after advice from this forum
Regards
I quite agree, I never realised until I came to this forum that it was even an option, I do think the case officers are sometimes perhaps not as well trained as they could be and I've also had quite a few case officers over the past four years so no real continuity.
I should say that they were brilliant when they were setting up the IVA and the annual communication is always good, and they get back to me quickly, even if it's not the right information
