I am unable to meet the minimum payment

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
nigel728
Posts: 1
by nigel728 » Mon Apr 09, 2018 5:25 am
I'm already in a iva but due too unforeseen problems, I'm unable to meet the minimum payment I'm paying what else can I do I've offered a token payment of about half what I should pay. What happens if I can't make the the full payment I'm being told to pay?
User avatar
Foggy
Forum Expert
Posts: 26893
Contact
by Foggy » Mon Apr 09, 2018 6:45 am
Do you mean you cannot make all of one paym,ent .. or you cannot afford all the payments going forward ?

If just one ot two payments you can ask your IP for a break which will be added back on at the end. If all payments going forward you will need to do a full review and see if payments can be adjusted -- if not the IVA will fail and you will be back to square one with your creditors.
User avatar
kallis3
Forum Expert
Posts: 73480
Contact
by kallis3 » Mon Apr 09, 2018 7:53 am
Speak to your IP company asap and explain the situation to them. I'm sure they will be able to help.

How long have you been in your IVA?
User avatar
Lisa Thomas
Industry Expert
Posts: 6869
Contact
by Lisa Thomas » Mon Apr 09, 2018 8:33 am
As Foggy says is this a permanent issue or a one off?
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 20 guests