www.iva.co.uk

Hi All,

Following my little prang in the car it was confirmed that we would have to pay £425 (the policy excess) towards the cost of fixing our car. Fortunately we have been allowed to miss this months £345 IVA payment which will just about enable us to get the car fixed. In fact our IVA company did not so much authorise a payment break, their reply was actually "don't bother sending 1 payment, we wouldn't have noticed anyway until you fell 3 payments behind!"

One question for the experts. My husband may be in line for a bonus in a couple of months time. We are aware of the 10% then 50% rules regarding work bonuses but would this additional contribution make up for the loss of one regular payment or would we still be classed as being one month in arrears.

Cheers Alex

Great that your IP is being supportive about this - I am sure that they really would have noticed!

The additional contribution will not make up for the loss of the current missed contribution - but you could always use your 10% and further 50% to pay some or all of this off.

We would treat you as still being in arrears since had you not missed a apyment the 50% of bonus would have improved the dividend. You therefore could use your 50% to clear the arrears and finish in 60 months or keep your 50% and make up the arrears over time or by an additional payment.

Hope this helps but confirm with your own IP who may take a different view.

Sorry Melanie. Did not mean to parrot you. I just am a much slower typist and did not see your post.

Great minds think alike - but then you had a very good teacher!!!!