www.iva.co.uk

i have just found out today that my payment of 450 for dec failed. i thought i had managed christmas with the payment going through now i'm not sure how i will get the money together as i usually have nothing by payday every month. my wages have gone down by about 200 a month since my iva started due to me not being given any night or weekend work by my boss, and life has got a lot more expensive since my iva started, sometimes i still feel very desperate with my circumstances and wonder would i have been better to have gone bankrupt at the time, can my payments ever be lowered during an iva?

Hi there and welcome to the forum

A successful IVA does depend upon careful budgeting - which can be especially difficult at this time of year. Paying something for the December payment is better than nothing, so get an up to date bank statement and conduct a bank reconciliation to see how mmuch your could afford to pay - and send this to your IP. You will be slightly in default, but it is better than missing one whole payment.

If your income has reduced as you say, then a reduction in payments is possible - and you should contact your own IP to discuss how this might happen - either informally or formally by the calling of another creditors meeting.

thankyou, there is about half the payment in the bank which i can transfer into ip's account how and when will i be expected to make up the other 225 missing from this payment.

You can usually make up missing payments by paying extra each month until you have caught up the arrears, or else by tagging the payments onto the end of the IVA.

If I were you I would redo your income and expenditure and then speak to your IP as Melanie says.

Good luck x

Think i will, things had been going along ok i was skint but surviving and feeling relatively happy that i was doing the right thing for my creditors and myself and that i was working my way out of the mess i had got myself into, now things seem just at tight and stressful as they did before i entered into the iva, i feel like i am constantly juggling my money to make sure everyone is paid and just about getting there. Maybe its just the stresses of this time of year, not easy for anyone but especially those struggling with debt!!! Saw someone elses post there about having taken a 1000 overdraft without IP permission, is this an istant fail???

Speak to your IP and explain what has happened. He/She will come to an arrangement with you to catch up or extend the life of your arrangement. Good luck and let us know how you get on.

You have a minor issue here Fergus - which I would not even believe was a problem if I were your IP. Do make efforts to make up the missing payment, and have a New Year's Resolution to work to your monthly budget and stick to it where possible.

Melanie is right you have a minor hic-cup and I am sure it will get resolved soon.

Sorry you've had a few problems fergus. I'm sure it will all be ok and I hope you get it sorted soon.