Hi, I have been in an iva for 3 years and have been struggling since day one!
Received some ppi money the same time as a tax bill and used some of it to pay the bill!
Be honest with them, hand over whatever ppi remains.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Have a chat with your IP as this will come to his attention eventually and the last three years could go down the toilet ! Suggest paying back the missing portion by way of an extension to your term.
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 your replies, my iva company are in the the process of letting have a few months off and putting on the end.
That will give me enough time to recoup the money but do you think they will be understanding? I feel I have let them down
If you did not have the money to pay a tax bill then perhaps your IVA payments were too high anyway. You should do a new income and expenditure account to make sure you do not fall into arrears again. Failure to pay post IVA tax will almost certainly lead to bankruptcy.
Hi Andy
No, not for that reason as they do no know the situation at the moment.
The few months off was to get ourselves back on our feet as we had some other major bills to pay.
Do you think it will be ok if I pay back the spent money in four months time? I really don't want to spoil our arrangement.
Yes Michael,
I thought that it was better to pay the tax than risk hmrc getting involved in the iva. Also my mum had been ill with cancer and then died around the time of my decision and my head was a bit all over the place.
My iva company went for a lower payment 18 months ago but 14 days after the creditors meeting no one had responded and so it never went ahead.
I am sorry to hear that and can understand why this would affect things. Your IVA company should also realise that if you have been stuggling with payments then you had no option. There should be no problem with creditors given the history and I am sure they will be sympathetic but make sure going forward your I&E is correct so you do not fall into arrears with HMRC again.
Thank you Michael, very kind of you to respond with such support.
I have left an email with my iva company and so am awaiting their call, thought it may to easier to explain with a voice .
Will let you know how it goes.
Hopefully they will be as supportive as they can. It does sound like you need to review your disposable income. Perhaps if this has dropped you can get it adjusted. Good luck and keep us posted?
Hi, thanks again for all of your support!
My iva company have been in touch and have been very supportive so far.
When I know what they are going to do about the money I borrowed I will let you know but it's looking positive at the moment .
.