www.iva.co.uk

Hello all,

I'm just starting my 4th year of my IVA and in Jan my fridge freezer packed up, i couldnt afford to replace it without missing an IVA payment as we cant go without a fridge. I wrote to my IP and said that i didnt have enough available money each month to cover such a situation so is it really an unauthorised missed payment? They said according to my I&E i have contingencies of £100 for such situations - this is where it gets sticky.

When i first setup my IVA i went through my I&E with my IP and we came out with a payment figure of £200pm. We went ahead and then I had a phone call saying my IVA would only be accepted if the figure was £270. Fine i said just being relieved to be going somewhere with it all. Now when something like this happens my contingency money isnt £100 its in fact £30. I've asked for a copy of my I&E and it shows my repayments as £200pm not the £270 that I have been making (£270 is actually coming out of my bank each month).

Where do you think I stand in terms of my missed payment in Jan and also am I overpaying or what?!

I didnt bother bringing this up with my IP because I havent needed the contingency money until now, now that i do need it and this has come to light I'm getting a very "your problem - you missed the payment" attitude.

Any views you have would be much appreciated.

Regards

S

Hi Shaun,

Firstly, you are normally only in breach if you miss 3 payments, which it doesn't sound to me like you have done.

Have you been getting annual reports? These should show how much you have been paying. Your I&E I imagine will be the one you originally submitted.

If you have agreed to pay the £270, then you won't have been overpaying as such, and I presume that up until January you have managed to make the payments.

Unless it states in your proposal that you can't miss any payments at all, I, personally, don't think you are in breach.

One of the professional experts will be along with expert advice soon.

Who is your IVA with?

Sorry I shouldnt have put breach, its one of my three strikes towards a breach, ill edit the original post.

Has your I&E been redone since you started your IVA??

No, my earnings havent changed so didnt think i needed to, I'm doing one at the moment though because the cost of living has jumped up so much.

You should do a new one every year when it's time for your annual review.

Going back to your original post with the contingency, £100 a month did seem to be a lot to be allowed towards that. The £30 you have is much closer to the mark.

Getting into your 4th year without having redone an I&E sound pretty poor management(by your IP firm). Who are you with?

Its also my fault because I have been swallowing the cost of living increases each year too so i probably should have pushed to have one done.
It feels a bit like something that just sleeps in the background and takes £270 each month from me and is happy. approaching them about things seems a bit like poking that thing with a stick until its annoyed and then its gonna bite me on the ass lol

You should have one every year anyway, regardless.

lol shaun , am sorry that did make me giggle , sleeps in the background !!! our iva is like that . we suposedly have a contingency / sundries of £50 . the car is knackered at the mo and cant afford to get it repaired . if something goes wrong , it stays wrong. but your nearly at the end , that must feel good.
sue