Forgotten Debt

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newbie1610

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Post by newbie1610 » Fri Aug 06, 2010 6:03 pm
My IVA has been approved and I am now in the 8th Month of the process. However it has just come to light that I had completely forgotten about a student loan from many many years ago and this naturally was not in the IVA. Having worked abroad a lot and moved many times the correspondence has failed to reach me. A monthly payment for the student loan has just been deducted form my salary which is nearly the same as the IVA payment it's self!! Needless to say I can not afford this extra payment. Anyone know the best course of action to take? Obviously I will contact my IP on Monday but I am worried that I have absolutely no money if the current situation remains. Help please.
 
 

kallis3

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Post by kallis3 » Fri Aug 06, 2010 6:10 pm
Hi,

Not sure about this - I know that they are not being included in new IVAs.

Speak to your IP to see where you stand.

One of the experts will be along to help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

newbie1610

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Post by newbie1610 » Fri Aug 06, 2010 6:19 pm
kallis3 wrote:

Hi,

Not sure about this - I know that they are not being included in new IVAs.

Speak to your IP to see where you stand.

One of the experts will be along to help.
Thanks Kallis. That's interesting re their exclusion from new IVAs. Does that mean that they will get repaid in full? I have no problem whatsoever paying them for as long as it takes but they just took £400 through PAYE which pretty much equates to our housekeeping [xx(]
I'll wait for an expert to comment.
 
 

kallis3

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Post by kallis3 » Fri Aug 06, 2010 6:36 pm
It does mean that they will get paid in full.

£400 quid is a lot of money though. I thought it was only taken out once you earned over £15k a year and then it was pro rata?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

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Post by MelanieGiles » Sat Aug 07, 2010 9:37 pm
You cannot include student loans in IVAs any more, but they are entitled to deduct repayments from your salary once it hits a certain threshold. It is worrying that this may disturb your IVA, and that it was forgotten about when you were proposing the IVA.
Regards, Melanie Giles, Insolvency Practitioner
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