www.iva.co.uk

HI, please can someone give me some sound advice?

I recently started my IVA and now my problems have really started! I am in a situation where my flatmate moved out at short notice and obviously at this point my IVA had started, so now my I&E has completely changed. I am now struggling to get someone to share my place, and have already got permission to postpone my IVA payments, having only made one payment, my IP has been brilliant. My next payment is suspended til the 1st July and i am concerned i will not get anyone til well after that. They have advised me that i have 9 available defferred payments before the IVA fails, but to be honest i dont want to use them all in the first year!

They have offered me the chance to redo my income and expenditure, but my flatmate was paying me 350 a month and my payment is 374. This means effectively my new disposable is 24 quid plus another 25 for the reduction in council tax!

I suppose bancruptcy is an option but with that i would lose my home and job as i am a manager and i rent with a tenancy agreement.

Can someone offer some soothing answers please?

Stu

Stu, so sorry to hear your news. Great that your IP is being supportive though.

I would hang fire for a while to see if you can find another tenant. You have a while before you need to make your next payment.

I hope you find someone soon.

Yes but the only issue with that is i am being a worrier! What happens if come the last week of June i still have no-one? Would they allow me to defer a couple more? Surely it cant be that hard to find someone!?

How on earth do you manage to get the benefit of 9 deferred payments into the IVA? I would have thought that the maximum possible would be three, without creditor agreement?

Could you quote the terminology from your IVA proposal which allow this leeway please?

Melanie, maybe i got this wrong...i meant payment holidays (is that what you thought i meant?)

Yes - there should be no provision for payment holidays within an IVA proposal, only provisions for dealing with missed payments should they arise. "Payment holidays" whether authorised or not should not be relied upon moving forward. Would be very keen to see how this has been included in your IVA.

Ok I will dig out the proposals. Would you like me to let you see them? What would your advice be to me in my situation, as believe me i dont want be reliant or assuming of such a clause anyway, i just want to know what my options potentially would be, i guess bancruptcy would be suggested but then comes the issue of my job! Can you give me any pointers Melanie?

Or anyone else for that matter!!

I can help if you post the wording of your proposal on the forum. Just the bit relating to "payment holidays".

I was actually told by my 'care team' that my IVA was to be taken out over 69 months, with the extra 9 months being put in place in case of emergency payment breaks, she did say that this did not mean Christmas or holidays or birthdays

But where does the provision for this nine months come from? I cannot believe that creditors would agree to an IVA based upon such leeway. Does it actually say this in your proposal? And which firm are you with?

It doesn't say it in the proposal, this is what one of the Payplan staff told me. Personally I'm hoping not to ever have to take a payment break, that's my plan

I've not heard that from Payplan before.

We have the standard three months missed payments before the IVA fails and that's it. Nothing extra in case of emergencies.

They must have made a few changes then Jan, this is what they told me, they also want all of my payslips, and I get 5 a month.

Odd. You would think that the things required throughout the year would be standard, and that missed payments would be the same for everyone.