Of course you can repay payment breaks early, many have done it over the remaining term by simply increasing the repayment to match --- you do have to be careful to stress that you are only able to do this by making stringent cuts elsewhere, or your IP might well try to increase your disposable income as you demonstrate you can live on less ... a totally unscrupulous thing to do, but some have tried !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi thanks for reply Foggy. I take your point about being carefully regarding budget and income.
We are lucky in that I have a very well paid job and have been able to do lots of overtime which has given us a fair amount of additional income. This we have been able to save over the last 5 years to give us an opportunity to pay the outstanding off.
Company says will ask the IP if that would be OK!!!!
Trying really hard to get this done and dusted and yet I sometimes get the impression they want to drag it out.
Take care as Foggy says - as long as you can show that the extra is coming from the share of overtime you are entitled to keep (assumption 10/50/50 rule) then this should be okay.
If not your IP might decide that you can afford to increase your contributions.
Do you have any third party willing to gift you a lump sum equal to the amounts due - that might be another option to consider.
Hi just a update. We have now been told that we will have to have a veriation meeting to ask the creditors if we can pay the payments that we owe ie,(6 month payment break) so that we are back on track. We are currently paying payments in lieu of equity.So the 6 payments due because of the payment break should be paid after the 12 in lieu of equity!!!!
I understand what you mean about the extra money. I am extremely lucky to have a very well paid job with very long hours that enables us to end up every two months paying over quite large sums of extra money due to all the overtime that I do.
Sometimes I actually resent earning the money, but the supervisor knows that we have been able to save our share of additional income.
All we want to do is pay ALL the payments due and Finnish a couple of months early. You would think they would be happy with that!!!!
But all I feel they want us to do is stay in it for as long as poss to get as much extra money out of us because in all the 6 years our budget has not changed.
See what happens at the meeting. I do know that the decision will be made by just one creditor because they hold the majority of votes and cannot be out voted!!
I would ask your IP to explain why a variation meeting is necessary to approve the catching up of the arrears - this doesnt not sound right and there should be an explanation.
Can you list the variation resolutions for us - this might explain things.
Last edited by Lisa Thomas on Wed Jun 22, 2016 3:30 pm, edited 1 time in total.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
I would ask your IP to explain why a variation meeting is necessary to approve the catching up of the arrears - this doesnt not sound right and there should be an explanation.
Can you list the variation resolutions for us - this might explain things.
£500 fee ???
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
