Basically my husband was in a car accident and had to time off work. We were in arrears with our rent and the landlord was demanding the money in full. We asked our solicitor in we could have the pain and suffering money that was offered even though we was still asking for more but we needed to pay the land urgently and the loss of earnings sum was being sent to a different company to review. They agreed to send the amount out which we paid our rent arrears and arrears we had with family members to help us out. Now the loss of earnings has nearly been settled the iva want to take all of it leaving us with nothing. The pain and suffering was meant to be there in case my husband needed to take more time off work. (It was his back that was hurt and he is a bus driver so has to sit for long periods of time). All of the iva was kept update but family members have helped us out for things like mot for car and service for car. so need to pay them back aswell. Please help as I feel we are back in debt and the reason we went down iva route was to help us out with our debt misery.
Many IPs will allow you to keep the element of compensation for pain and suffering as this is the case in bankruptcy. However, all other monies they will want paid into the IVA. Some IP's (rightly or wrongly) will ask for the lot!
Too late now -- but what should have been done was to agree a payment break while your husband was off sick, to avoid arrears such as this building up.
Maybe the way forward now ( you will have to pay the compensation over I expect)will be to ask for a break to allow you to sort things out ( this will be added onto the end of the IVA).
Who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It is a company called Beesley. We carried on paying the iva as we were scared what to happen if we didn't. Things like this scare me as I come from a family who have no debt and if they had they always managed to pay it off in full. We had no one to turn to on advice and the Internet is full of different people saying different things. I don't mind if we have to carry on paying it for a little longer I just want to pay my and my husbands family members back what they helped us out with and know if he did need more time off work that we have still afford our bills
Thing is aswell we still wouldn't of been able to afford the rent even if we had to take a break when he was off work as they SSP and what his company paid still left us a hell of a lot short
Thing is aswell we still wouldn't of been able to afford the rent even if we had to take a break when he was off work as they SSP and what his company paid still left us a hell of a lot short
I don't know anything about Beesley's, but, hopefully, they are an understanding firm and you can work this out. It is in no-one's interest for the IVA to fail and, in many cases and good chat can get something sorted out.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We haven't spoken to them yet as my husband received the email this afternoon about it all and by the time he had read it they were shut. I'm hoping they will understand they have always said they are on our side let's hope this is true. Can you fight it if they do want the pain and suffering money? I know they have always told us if we won the lottery or inherited money they would take it but I do not feel this money is like a lottery win or inheritance
But in my opinion we wouldn't of had to borrow from them if my husband was earning that money and If he needed to take time off work again we have nothing to fall back on and wouldn't be able to pay the iva or our rent as he doesn't get paid enough for sick and the first 3 days he gets paid £0
I know hindsight is a wonderful thing but I think your company should have offered you a payment break to keep our top of your regular bills. If this was not enough the perhaps other options should have been discussed . How long have you been paying for? In some circumstances, creditors will accept payments to date to clear a IVA if there is no money to pay future payments.
We have only been in just over a year of a five year iva. Thinking about it we had a couple of months not paying then my husband received some money from work I think it was a back log of a pay increase or something like that that we paid the iva back with. But like I said before the money we were getting and without paying the iva still wouldn't of covered of costs of our rent, bills and food so we would of still had to borrow money from family.
But in my opinion we wouldn't of had to borrow from them if my husband was earning that money and If he needed to take time off work again we have nothing to fall back on and wouldn't be able to pay the iva or our rent as he doesn't get paid enough for sick and the first 3 days he gets paid £0
