IVA failure looming

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komakino

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Post by komakino » Thu Sep 09, 2010 1:58 pm
Hi,

I'm so far 33 payments into a 60 month IVA. During that time I've had 2 payment breaks and a further break due to problems and having no savings to draw on:

1) 2 years ago my wife lost her job and it took over two weeks to get another. Not a bad gap but over £400 lost in wages. This prompted the need for a payment break. This extended my IVA by a month.

2) About 15 months ago my landlord at the time had the house we were renting repossessed because he stopped paying the mortgage (I posted about it on here previously). I had to move house extremely quickly and ended up about £1500 out of pocket in total. Hence the need for another payment break. This extended my IVA by another month.

3) About five months ago my wife was quite ill and lost just over 2 weeks wages. SSP was paid but we still lost over £300. This wasn't as bad as the previous disasters but still necessitated a payment break. However I'd already had two by this point so I took a further one but wasn't able to extend the IVA any further (extending 3 times causes a failed IVA). The agreement this time, was to pay a month's payment over the next 10 months which we've been able to do. (the money left over after the £300 shortfall in wages from the missed month's payment was put away for this purpose).

So....in short I've had my chances. Each time the payments were delayed through bad luck / illness out of my own control rather than miscalculation or over spending on my part.

Now, my wife is ill again and has missed 4 shifts already this week. I'm facing the failure of my IVA.

I'm over the halfway point and was beginning to see the light at the end of the IVA tunnel. I don't want to go the BR route as I feel strongly about repaying what I can.

Any advice? I'm at a loss.

Thanks,

Komakino
Last edited by komakino on Thu Sep 09, 2010 2:10 pm, edited 1 time in total.
 
 

Shining

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Post by Shining » Thu Sep 09, 2010 2:01 pm
My advice would be to speak to your IP without delay, it's not in the interest of anyone for it to fail and these things are out of your control, hopefully there will be a way forward. Speak directly to your IP and let us know how you get on won't you? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

rayb

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Post by rayb » Thu Sep 09, 2010 4:15 pm
Hi,

You can get your IP's direct details from this link:

http://www.insolvency.gov.uk/fip/
 
 

MelanieGiles

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Post by MelanieGiles » Sun Sep 12, 2010 8:24 pm
Ask your IP if they will consider putting forward a variation on the basis that creditors accept the monies you hae paid into the IVA in full and final settlement. If you can demonstrate that you have no disposable income to continue with the IVA, then I feel you have a good chance of getting this type of offer accepted.
Regards, Melanie Giles, Insolvency Practitioner
 
 

komakino

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Post by komakino » Fri Sep 17, 2010 3:26 pm
Hi,

My wife is back to work now but the total shifts missed went to five. That's probably about £160 after tax we've lost. I've remedied the situation for now by eBaying a lot of stuff I don't need....but I'm not too confident that my wife's illness won't peak again over the next 27 months. However, everyone's advice is very useful. I've avoided talking to my IP just yet as I feel I've had my chances and feel that my story is too unlucky to be believable.

Melanie: Was your advice given in the event/circumstance that my wife would no longer be able to work? I'm not sure that would be the case on a permanent basis but our income is very unpredictable when her health is at a low. Every 4-6 months or so we seem to have a mini financial crisis.

She needs a different job to be honest - a less physical and stressful one but I don't think she'll be able to do it quite yet as she's used all of her holidays this year already (her holidays are from Jan-Dec). We stand to lose about £250 out of her final pay packet if she leaves now.
Last edited by komakino on Fri Sep 17, 2010 3:32 pm, edited 1 time in total.
 
 

MelanieGiles

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Post by MelanieGiles » Fri Sep 17, 2010 11:42 pm
It is quite difficult for me to advise you specifically when I don't know the full facts of the case, however if you feel that your wife's earnings are going to be unstable over the next couple of years, and the need to work a set number of hours is affecting her health, then I would prioritise that over the IVA to be frank.
Regards, Melanie Giles, Insolvency Practitioner
 
 

komakino

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Post by komakino » Fri Oct 01, 2010 5:03 pm
OK. The wife's wage problems are back so I've had no choice this time but to contact my IP. I'll let everyone know how I get on.
 
 

Pandy

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Post by Pandy » Fri Oct 01, 2010 5:07 pm
Sorry to here that komakino let us know how you get on.
If life is what you make it, I must have been in a strange mood when I made mine
 
 

kallis3

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Post by kallis3 » Fri Oct 01, 2010 5:09 pm
I'm sorry to hear that as well. Hope your IP can sort something out for you.
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.
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Skippy

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Post by Skippy » Fri Oct 01, 2010 10:31 pm
I'm sorry to hear that, I hope your IP can help you x
 
 

Shining

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Post by Shining » Fri Oct 01, 2010 10:36 pm
All the best hope you get some help x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

komakino

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Post by komakino » Wed Oct 13, 2010 5:01 pm
OK...I managed to reduce this month's payment by a bit and tag it onto the end of the catch-up schedule (see post further up). Come april I'll be back onto my original payment amount and will be a lot less stressed!

In the meantime, my Wife is looking to change jobs before xmas...I hope that goes smoothly from a financial point of view. [:0][:0]
Last edited by komakino on Wed Oct 13, 2010 5:06 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Wed Oct 13, 2010 5:18 pm
Fingers crossed!
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
 
 

plasticdaft

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Post by plasticdaft » Wed Oct 13, 2010 5:21 pm
Let's hope she gets a new job soon.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Goosed

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Post by Goosed » Wed Oct 13, 2010 5:26 pm
Hope things settle down soon for you komakino
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".

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