what happens if you miss one payment of an iva

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hayley w

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Post by hayley w » Fri Jul 25, 2008 1:25 pm
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what happens if you miss one payment of an iva due to change in jobs
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joh71262

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Post by joh71262 » Fri Jul 25, 2008 1:34 pm
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It depends whether you have done it with the knowledge and approval of your IP or just done it yourself.
There's light at the end of the tunnel - it's just that sometimes the tunnel seems so long.

IVA Complete June 2009
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Viki.W

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Post by Viki.W » Fri Jul 25, 2008 2:19 pm
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Hey hayley, welcome to the forum. I can't see it being too much of a problem, you will need to make the money up but make sure you tell your IP. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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Blair Endersby

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Post by Blair Endersby » Fri Jul 25, 2008 2:23 pm
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Hayley

It is usual in an IVA that you can miss up to 3 payments before you are in "default". Your IP will probably contact you to try and see why you missed the payment, make sure you don't miss anymore and clear the arrears.

If you have had a change in circumstances contact your IP as soon as possible to discuss the way forward. You may be able to agree a new plan that does not need creditor involvement or you may need a variation.

If you can pay the full amount from now you should do so to prevent further arrears and contact your IP to set up a plan re the arrears. Ideally these would be cleared as soon as possible but if you are only 1 payment in arrears you could spread the repayment out over teh rest of the IVA.
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