Extended IVA

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Chantal.01
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by Chantal.01 » Mon Sep 03, 2018 9:20 pm
Over the last five years my circumstances have changed so so much and I missed several payments and the IVA put forward a variation to my creditors to remove the arrears and PPI money that was due in. They agreed. I'd had a 9 month payment break when I was on maternity leave and have a child. Then this year I was unemployed twice. First time was two weeks then the next time was 8 weeks. This all consided with our holiday. So it was a nightmare and we got behind some essential bills and I missed some payments again and currently have 4 months of arrears again. I've spoken to my IVA company that is now Freeman Jones as what was Harrington Brooks and One Advice has gone bust. They were helpful. My IVA started almost 6 years ago now. What with the payment break and the arrears is the end in sight or have I got to continue for another couple of years yet? I hope the end is near now and I can complete and get rid of it as it is so difficult now to manage it with a family and now only working part time too.
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Foggy
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by Foggy » Tue Sep 04, 2018 6:51 am
The usual term is for 5 years (60 payments). If you are a homeowner, this is often extended by an additional 12 months. Then you will have to add any missed months. You say the payment break of 9 months was forgiven --- are you sure, or did they just agree to the break ? If they agreed to the break and not to forgive the missed months, they will be added back on at the end.
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Chantal.01
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by Chantal.01 » Tue Sep 04, 2018 7:26 am
They allowed me a payment break for 9 months while on maternity leave. Not sure if they forgave this or have added the 9 months on to the end of it. I have no idea where I am with it all. I just gone through a new income and expenditure with them since I started working again as I was unemployed a little this year which meant I couldn't afford to pay in to the IVA for 4 months now. Another question I have is does it stay on your file a year after it has been completed as I can't find anything about this. All I can see is it stays on your file for 6 years. But what if it's still active for another year? Also will they still make me try and remortgage, which I know I will be declined for and then extend it for another year on top of that making it almost an 8 year plan? Or are these questions I am best asking them?
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kallis3
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by kallis3 » Tue Sep 04, 2018 8:11 am
It will remain on file until completed.
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Foggy
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by Foggy » Tue Sep 04, 2018 9:22 am
You will, if you have more than £5k equity, in all likelyhood, have to extend by 12 months.
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Chantal.01
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by Chantal.01 » Tue Sep 04, 2018 9:58 am
OK. Thanks for the advice peeps.
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Freeman Jones
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by Freeman Jones » Tue Sep 04, 2018 4:38 pm
Hi Chantal.01

I am part of the team here at Freeman Jones. Thanks for the post. Given all that you've had going on, it is no wonder that you've lost track of where you are with your IVA. There are lot of different factors at play here, we need to look at your equity position, but it sounds like we also need to review your income and expenditure to see what you realistically could afford to pay into your IVA.

The best thing really is to give us a call and we can do a thorough review of where you are at, and look at what needs to happen to get you to the end of your IVA successfully.

I hope that helps!



Ian
binhad
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by binhad » Wed Sep 05, 2018 9:31 am
Good luck with trying to contact them. Here’s how it works. Waiting time 15 to 30 minuets when you get through you will be lucky if they know your case so they will have a look then call you back which they won’t. You are left days with the stress of worrying and still no call back so you phone again and you speak to someone else who knows nothing about your case so back to square one and another wait and so on and on and on. Sorry for this but that is through experience. Good luck and keep trying it’s the only thing you can do.
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kallis3
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by kallis3 » Wed Sep 05, 2018 9:38 am
FJ are pretty good with helping people out on the forum - hopefully Ian can assist.
binhad
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by binhad » Wed Sep 05, 2018 10:55 am
One should not have to rely on the forum for help it should be there from beginning to the end and it’s not, and FJ are as guilty as the rest. You are passed from pillar to post. I may add that this forum is a good source for advice so keep it up.
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kallis3
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by kallis3 » Wed Sep 05, 2018 12:17 pm
I agree - all we give is help based on our own experiences. Hopefully FJ will pick up on this again.
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