Advice on best option

[andy694]

Hello all,

I'm currently 3 years into my iva with PayPlan. Unfortunately it seems that me and my partner are going to split up which puts me in a bad situation. I'm disabled and only get PIP as an income. I'm looking to move back home but this means my income will go down as I wont bet any other benefits to help with living cost, I can't expect my parents to fork out for everything so I want to pay them what I can. Do you think this is grounds to ask for a full and final from PayPlan?

[Foggy]

First you will probably need a payment break while everything settles, then a new review. Do you have access to a lump sum to offer as a full and final payment, or are you seeking a full and final based on payments made to date ?

[MrMorphine]

Hello foggy,

I have no lump some so would be basing it on payments to date. Not sure what good a payment break would do as already award of what my financial state will be. Also, any idea what proof would be needed to prove split etc Would a signed letter from my parents be adequate?

Thanks in advance

[Foggy]

I don't know what, if anything Payplan might require by way of proof. In my case ( I was with Grant Thornton when my ex and I split) they simply took my word for it. The idea of the agreed break is so that the IVA doesn't fail while they are preparing and waiting for the variation meeting --- if this goes over three months without agreeing the payment break, the three missed payments will see the IVA fail. On the other hand, if you manage to keep up payments while things are in motion, it kind of negates the arguement that you cannot pay. This is how my IP sold it to me.

[MrMorphine]

Ah, I see what you mean know. The payment break is a way of stopping it fail in the short term whilst things are sorted out. Guess i will have to see what procedures PayPlan have in place for this sort of thing. Although past issues with them have been like pulling teeth so..