Melanie
I think we have contravened one of the terms of our 2 year old IVA and I am devastated we may lose it.
We received a payment of £13,000 as a result of an payment protection insurance policy maturing. This was against our secured loan. We have stuck rigidly to the conditions of our IVA (although recently my husband is out work and we are currently paying 50% of our monthly payments.) Also we committed outselves to double glazing our home (desperately needed as the windows are falling out in some cases). Please can you advise what to do?
Firstly, if you had dangerous windows, which were causing your home to be a security hazard, you have done the right thing by getting them replaced - and I am sure that your IP would agree with that.
Secondly, in terms of the windfall, you ought to have advised your IP of the payment, and discussed the expenditure with them. As you are currently underpaying your payments, any suggestions from yourselves ought to have been met with some sympathy.
Is there any of the money left? My advice would be to have an open and frank discussion with your IP about this matter. Honesty is always the best policy, and what is done is done. I am sure that creditors would not appreciate an IVA which in the past has performed well being jeopardised, and hopefully your husband will soon be able to return to work.
Please don't worry about this - there will be a solution when you discuss this with your IP I am sure.
After paying for the windows (which hopefully will increase the value of our home even slightly), we still have a sutstantial amount of the windfall left which I can see we will have to pay into the IVA.
I think we will contact our supervisor and ask for a face to face meeting with them to explain the situation and try and get things back on track. More than anything I / we want to see this through and so that we can get back to a debt free life
If you were my clients I would be very prepared to negotiate with you on the basis you suggest. Please don't torture yourself about the windows - you have done the right think in protecting your home and your family.
Melanie is 100% bang on - pick up that phone and go and see the supervisor (IP) asap. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
