I dont have any assets but that said im starting a new job, how do they calculate the three yearly payment? also its the embarassment really. my parents don't even know about my IVA...
The IPA is calculated on income if you have over £20 disposable income per month after your normal bills have been paid.
Would you be able to save up the fees for bankruptcy (currently £700) if necessary?
You can try for another IVA but obviously you'd have to wait for the IVA to fail before trying again.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is correct to say that you have defaulted on your IVA to the tune of taking out further credit, but for the relatively small sum involved I would doubt that this would constitute a complete failure - which I am sure that creditors would not want to see the IVA disturbed for. If you were able to come to an arrangement with the payday loan company, how would you fund these payments if your disposable income is all pledged to the IVA?
id set up a payment plan and have to be tight for 4 months. if they can't be reasonable ill have to setup a payment plan with whoever they pass the debt onto.
Hi guys, just to check - when proposing a repayment option to the payday lender, should I just offer what i can realistically afford over however many months?
i know cccs guidelines say just offer £1 a month but to me thats like slapping them in the face
also, should they decline and continue adding interest, ive read they will just sell the debt on to a recovery team and i can setup a repayment option that way.
I think you should offer what you can realistically afford otherwise it could go on forever.
If they decline and continue to rack up the interest then you will be getting more and more in debt.
I have no idea if Payday loans sell on their debts or not.
Hopefully they will see sense and let you pay it off.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Nosasani = Ive just noticed this thread and thought id reply because it is very similar to my situation, I found myself in difficulties because of car trouble and Id rang my IP grant thornton for a payment break but they didnt ring me back, I used Payday loans plus I got a credit card posted out to me and I ended up using this to tide me over. Anyway to cut a longstory short I rang GT yesterday and told them because I believe honesty is always the best policy. Now theyve informed me my IVA could fail, I had to wait until 16/8/11 for a Variation Meeting to decide whether to offer me a payment break or fail it. Im absolutely kicking myself for phoning them because I might have been able to sort it without them finding out.
Best of luck with sorting out your situation... keep us posted.
Last edited by cherry545 on Thu Aug 04, 2011 11:28 pm, edited 1 time in total.
It is always best to be honest with your IP - you have no idea if it will come back in the future to make things even worse.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
I am not an expert but as you have been straight with them I think they should give you some leeway You are doing your best and the amount is not that huge I would try and borrow from a friend or as you have a car look to sell that Unless you really need it for your new job Would you be able to use taxis to get to work not ideal but running a car these days you may be better off
As you are at the start they have invested a lot of time to set you up and would rather give you some time to sort yourself out OK you made a mistake but you are new to the IVA and were in a position you needed to sort out there and then I would write to your Head IVA person and just apologise and fully explain what happened and promise to stick to the IVA rigidly and will not do anything of that nature again Say you were in a difficult situation coz of your family situation so were notwanting to involve anybody else and wotk out the best way to make amends and pay what you need asap
Always tell the truth no matter what coz at the end of the day you have to live with yourself
You are dealing with your debt problems and if the worst comes to the worst You can say well you have tried and pershaps say to your IVA company if they are wary of letting you off this time Just say ok I will go bankrupt no problem as you have no house and they wil lose out on the payments
For paying back £1 a month or whatever I wouldnt bother you need to show you can pay the £750 back asap Your IVA takes priority meet your payments to them for the month and then see what you need to get rid of what you owe to payday who are charging 100000% per cent most likely If you have to sell your car so be it Or your going to have talk with your family and ask them to help you out
Stay strong and positive dont get down get up and keep fighting Your IVA is just that Individual to you I am sure there are many people who screw up at some point or have some dramas going on in there 5 years Your IVA will appreciate your honesty and wotk with you to resolve the situation and then get back on track Or you can say ok you messed up Add a few months on to the end of the IVA and during the 5 years work with your IVA rather than against them
good luck
In Cherry's case I think GT should share some of the blame here. If they had responded the situation would never have arisen. I must congratulate Cheery -- if the GT rep had got sniffy with me, in this situation, I am afraid I might have got a little sniffy back! At the least I would lodge a formal complaint (probably won't do anything, but it would lover the BP a notch!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'm sure Andy will kill me for saying this but... In a situation where i needed emergency funds and I couldn't get hold of anyone looking after my iva, I would send an email to the company advising them that I planned to miss a payment to cover an emergency and asking them to call me to discuss how to make up the arrears. It's not orthodox to act without your Ip's permission but missing a payment puts you into arrears which isn't as serious as taking out credit which constitutes a default. Plus you are keeping them in the loop about your plans and giving them the opportunity to advise.
If you are desperate it is always best to speak to your IP. I'm sure that as soon as you missed a payment they'd be on the phone to find out why!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
