We have had a payment break to cover maternity leave which is now showing as arrears on our IVA. Is it possible to pay the arrears in month 60 if a family member can help us out?
Can the IP actually refuse to let us do this therefore being able to claim on any overtime in the last 9 month too?
We just want this IVA paid asap, its been a long 5 years and we're hoping for light at the end of the tunnel!
I see no problem with what you suggest so ask your own IP for confirmation. Make sure the arrears are cleared before the final payment so any extension of time will not then be blamed on you.
Great thanks for the reply Michael, we are just waiting for confirmation of no equity on our house then once we know where we stand with an end date we will approach them about arrears. Thanks again.
Do we need to declare it as a lump sum to clear the arrears from a 3rd party? We may be putting a little towards it ourselves and dont want it to go into the usual IVA pot.
It is irrelevant where it comes from provided the IVA has received the correct payments. For emaxple if you received a bonus and used your share to clear the arrears there would be no problem at all.
Ike, could you not just split the arrears between your remaining months and up your monthly payment? I only have 2 more payments left and arrears of £291.
Our arrears built up because after our last review in October the payments went up by £37 per month, which they never told me - until I got the phonecall in January asking 'when are you going to pay the arrears?' and we also a couple of reduced payments over the years to get the car repaired. I had the choice then to split the £291 over the remaining months or add the extra payment on at the end.
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
I have a similar situation and my IP advised me that arrears can be cleared at anytime but you have to make it very clear at the time of making the payments that it is for arrears otherwise your direct debit may just continue and it becomes very difficult to claim any overpayment/s back.
My last payment(payment 60) was taken this week so I intend to make one missed payment before the end of this week and personally cancel the direct debit. I will then submit the Income and expenditure statement that my IP requested a week ago(I guess just to prove to creditors that there was no extra disposable income over the last year) and since there is no equity on my property l pray this will be the long awaited light at the end of a 5 year tunnel.
I am with McCambridge Duffy and hope the completion certificate will not take too long.
A word of encouragement for those who are still on the tunnel is that it takes some sacrifices but you will get there at the end.
You must be over the moon Zee for getting to the end and we will not be keeping your file open any longer than necessary. If there are any delays feel free to contact me directly and I will see what I can do to speed up the closure.
Thank you Michael. Yes, the feeling is like a dream at the moment and l think it will all sink once l receive the completion certificate. You guys have been amazingly supportive and l recommended you to others.
