unexpected costs

[BlueShoes]

Hello
If during the IVA you have any unexpected costs which are not covered by household insurance such as an appliance needing replacing, or a car repair bill which is higher than you are allowed to budget for, what would happen?
Can you ask for a payment break to cover these costs?
And would this extend the length of the IVA, due to added interest?
What about a family event, such as a wedding, which involved travel/accommodation costs. Would this be a reasonable request for a payment break or viewed dimly? (our niece may well get hitched in the next 5 years, and lives 300 miles away)
We are committed to making the IVA work, if it is approved, but are realistic that there may well be "occurences" which will have an impact.
Two of our children will also move from primary to secondary school, with an increase in travel and school meal costs, which I understand could be looked at at our annual review, but what about the £300+ it would cost for us to kit each of them out with their new uniforms in one go?
It is these sort of expenses which worry me when margins will be very tight anyway.
Thanks
Blue

[iva_squirrel]

Hello BlueShoes,

If your circumstances change for the worse though an IVA, such as a job loss or lower income, your IP would need to contact your creditors and they may accept a lower level of monthly payments.

You do have the option to go back to your creditors and renegotiate the contract if necessary.

We are aware that a person’s circumstances can change in very many ways during the course of an IVA and therefore the ability to do this is essential.

If you consider that your employment or health situation is not certain, then it is possible to take out a payment protection insurance policy that will make payments towards your IVA for you in the event of unforeseen difficulties.

Kind regards,


Julia Simavi

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[Adam Davies]

Hi
I presume that you are not yet in an IVA.
You need to have an allowance for a contingency plan and a clothing allowance built into your allowed expenditure.Save this money each month until you need it.
Attending weddings is something that you will have to fund yourself from scrimping and saving.
An IVA is tough,make no mistake about it.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp