I missed 6 payments (agreed to tack on to end of iva) about 3 years ago, now have been told that, although the value of the missed payments were around £200, I have to make the payments at my present monthly payment level which is almost £800. Surely I should have to pay the value of the missed payments and not pay at my current level,
I think this sounds harsh and in my opinion you should only clear the arrears plus any additional costs and fees. This should have been discussed at the time so it depends on what was agreed.
We had a payment break and also paid part payments. We paid back the amount we did not pay and Cleardebt did not charge us any additional costs or fees.
I guess it depends what was agreed. I would be surprised to hear that they would want the number of payments not value if it was the other way around.
With about 5 months to go, I am in a similar position. I have about £2000 in arrears which I am trying to pay back over these last few months. I think it will be near impossible to achieve this but hopefully get it down to about £700 arrears. I said to my IP if I cannot payback the arrears can I tag a month or two on the end. They have said they cannot doing this without going back to creditors who may not agree to this and could fail the IVA (Which sounds overkill to me but if we can avoid going back to creditors it would be better imo).
So I was thinking at the point of my last payment is it ok to take out a pay day loan to clear my IVA on time. Without my IVA payment, I would be able to clear this loan immediately next month. Firms seem to be ok to allow clients to take out secured loans to allow IVAs to close on time, so why not other loans? any thoughts?
Back to the original point, like relieved33 I am only paying back the exact amount of arrears with no additional fees. You should contest this Jean.
I can't understand why IPs can't just use their discretion and common senses without the need to go back to creditors [find this hard to believe given the small amount concerned]
Simply tagging on any missed amounts at the end is the easiest thing to do, extra payments until the amount concerned has been paid.
I am sure that the majority of people will have a missed payment/arrears as they come to the end of the original five year term
Our IP was great and they simply added on 2 missed payments at the end. Although they did say that any more than 2 missed payments would mean they would have to go back to creditors for permission to extend which I can understand as it said that in my chairmans report/modifications so fair enough.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
We overpaid what we could to make up one payment at £100 (doesn't sound much but really tough in an iva!) per month and added an extra month on for second missed payment. Cleardebt authorised this without going to creditors for a modification. (to my knowledge! )
