II missed ONE paymen and IVA extended one year

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gary.js

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Post by gary.js » Thu Jun 03, 2010 9:31 am
I am in an IVA. I MISSED ONE PAYMENT AND IT WAS EXTENDED ANOTHER YEAR TO 6 YEARS. A unexpected windfall of £7,200 was paid into the Iva this year but the company DFD said they can not give me an update until August.We pay £680 a month. Do you think a year would be knocked off, so back to 5. If 5, then does what was initially promised kick in, in terms of a review after 4 years looking at the equatity in the house.

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Michael Peoples

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Post by Michael Peoples » Thu Jun 03, 2010 9:36 am
You should contact Declan who posts here and works for DFD. However, what you are suggesting seems reasonable as any minimum dividend would have been achieved within the five years and the equity can be addressed in the normal fashion. This may lead to an extension anyway if there is equity which cannot be raised but the extension for the missed payment could be removed.

Declan's details are on the experts page and I am sure he will be able to sort this out for you.
Last edited by Michael Peoples on Thu Jun 03, 2010 10:00 am, edited 1 time in total.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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gary.js

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Post by gary.js » Thu Jun 03, 2010 9:55 am
Thanks, good advice.

Gary
 
 

Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Thu Jun 03, 2010 10:27 am
Thanks Michael
In the process of helping to resolve this.

Declan
Declan Murray
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Debt Free Direct - the UK's largest IVA provider.
http://www.debtfreedirect.co.uk/iva/
 
 

gary.js

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Post by gary.js » Fri Jun 25, 2010 2:23 am
It seems that I have to wait until August for any review.I was hoping someone could give me a glimmer of hope, but no. So back to worrying again. Surely someone could do some hypothetical sums in their head for me, lol.

Thanks for trying Declan, appreciated.
 
 

kallis3

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Post by kallis3 » Fri Jun 25, 2010 7:42 am
Sorry you still have to wait until August for the review.

I hope you get things sorted then. Let us know.
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Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Fri Jun 25, 2010 12:30 pm
Hi Gary
Sorry this couldn’t be resolved quicker but I will keep an eye on it for you.

Thanks
Declan Murray
Debt Advisor
Debt Free Direct - the UK's largest IVA provider.
http://www.debtfreedirect.co.uk/iva/
 
 

gary.js

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Post by gary.js » Fri Jun 25, 2010 2:43 pm
Great, thanks Declan
 
 

gary.js

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Post by gary.js » Mon Jul 05, 2010 9:53 am
Hi All,
Good news. My review has come early it seems, as we had a letter through the door Saturday. I hope this means good news.We pray it does.

I just sent all my details via email and now await. It is the 4 year review, so massive. As said earlier an extra year had been added on as we had missed a payment and reduced monthly contributions by £100, from £715 - £615, so in affect £1200 a year less + £715 from missed payment = £1915 = £615(new payment) x 12 extra = £7,380 - not sure how this works vs the £1915 but hey ho. The positive from this is that for well over a year we have scraped and managed to pay £700 a month so £85 more than agreed, to catch up, as discussed with DFD. So well on the way to doing that. Then came the £7200 windfall.

We were already paying 92 pence in the pound (unlike Portsmouth fc who got away with 20pence in the pound?lol), so even if we made that up to 100% that would be 8% to find which is what, around £2800 (orig debt £35000), so approx £4,400 change plus the 12 months £85 extra = £1020 + £4400 = £5420 spare - £915 from the reduction and missed payment = £4,505 left over.

So and I am probably wrong, that could mean the extra year knocked off, the creditors payed 100% by the end of the term and £4,505 left to knock a hole into the last years payment. In my mind, this all make sense, but thats in my mind.

I know this takes some reading but does this add up to any one with a sharper mind that me please?

Many thanks in advance

Gary
 
 

kallis3

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Post by kallis3 » Mon Jul 05, 2010 5:06 pm
No good with figures so can't help you with that!

Just wanted to wish you luck with your review.
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.
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Pandy

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Post by Pandy » Mon Jul 05, 2010 5:28 pm
Don't forget to include any fees, good luck with your review.
Last edited by Pandy on Mon Jul 05, 2010 5:29 pm, edited 1 time in total.
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gary.js

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Post by gary.js » Mon Jul 05, 2010 5:52 pm
Thanks for the support guys...hope the fees are not that much then lol...Here hoping for good news.

Gary
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 05, 2010 7:19 pm
Best people to ask on this one are your IP firm directly - however if you make up the arrears by the end of the fifth year, you should not have to extend your payments.
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gary.js

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Post by gary.js » Thu Aug 05, 2010 7:26 pm
Can't be too much longer now, can it? lol....No hair left now.
 
 

mole

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Post by mole » Thu Aug 05, 2010 10:22 pm
Hi Gary, As has been mentioned IP fees need to be added to the original debt if you wanted to pay off the entire IVA. These can be substancial, mine are £8100 over term of the IVA.
However, I am sure the proposal of an extra year is wrong. Yes, any shortfall in payments will need to be made up together with any missed payments. But, if you can cover this any make up your original divident in 2 or 3 extra months, that should be it.

Please let us know how you get on. It should not take a review to iron out this question and understand were you stand.
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