IVA failure looming

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Julie

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Post by Julie » Sat Nov 13, 2010 6:17 pm
Fantastic news komakino! Well done to your IP for working to get it sorted....good luck for the final 2 years xx
 
 

komakino

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Post by komakino » Wed May 18, 2011 11:03 am
Hi,

Going back to last November (see above), the problem I had was sorted by my IP (thanks again GT!). In March 2011 my existing increased payment arrangement of 10 months finished. As of April 2011, I expected my payment to stay increased as it should have been the beginning of what I thought was another 10 month increased payment arrangement (i.e. the solution to November's problem). This didn't happen and a direct debit was taken for my normal amount. I promptly contacted GT to tell them only to get a reply about a week later saying that they hadn't agreed a further repayment schedule but had tagged the missed payment onto the end of my IVA.

"Nice!", everyone's thinking at the moment. Indeed, this current turn of events will make the rest of my IVA journey much easier. However, my IVA has been plagued by all sorts of cr@p so far due to evictions/loss of earnings etc and so far before the above events I had already had 2 payment breaks. What I thought was my only option at the time, an increased payment arrangement, has been passed unbeknownst to me at the time as a 3rd payment break (or similar).

Now, I have no problem with this as I'm already 41 months in and haven't got long to go but I thought only 2 payment breaks were allowed. Am I going to get into trouble here at some point in the future? I mailed them back straight away with my concerns last Thursday but not had a reply. I've tried ringing but can't get through until after 5pm, and then the only staff available at that time of day can't deal with my case. I've left my details so someone can ring me during working hours but not getting any calls.

Advice from our experts please? I have copies of all my emails with my IP etc etc

I'd love to leave things as they have worked out because it's always a struggle to pay an increased amount (and I've only just finished a 10 month period of that) but I don't want to fail my IVA due to a breach because of an oversight/technicality that wasn't really my fault. Things have only just about settled down in my life.

Is it safe to assume I'm OK as obviously all of it was sorted out by my IP last November and they did what was allowed/ok?
Last edited by komakino on Wed May 18, 2011 11:35 am, edited 1 time in total.
 
 

MrsKnight

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Post by MrsKnight » Wed May 18, 2011 11:56 am
Hi Komakino - its lovely to see you on the forum again.

You are not going to get into any trouble - you are allowed 3 authorized payment breaks in a IVA. They can either me tagged onto the end or spread out over a period of time, paying a little extra each month.

So dont worry your going to be fine! Im glad things are going better for you & if your happy & your IP is happy too then you have no worries, I hope the rest of your IVA runs smoothly & please let us know how you get on x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

Judo

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Post by Judo » Wed May 18, 2011 12:26 pm
Hi Komakino.
It's good to see that things are picking up for you now and also very encouraging as another GT client to see that they have been so helpful and understanding throughout such a run of bad luck.
I hope it's plain sailing for you from here on in!
 
 

komakino

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Post by komakino » Wed May 18, 2011 12:32 pm
Hi,

I'm not sure I've explained the sequence of events clearly enough.

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 21 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 10 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 payment breaks by this point. The agreement this time, was to miss a 3rd payment but this time rather than extend the IVA, repay it via payment increases over the next 10 months (which we've just finished).

4) Last November, my wife changed jobs due to stress related illness (see problem 3 above. It wasn't tidy financially due to over pro-ratad holidays taken / break in wage cycle etc etc and we again agreed to miss a 4th payment again taking the repayment over 10 months option starting immediately after the existing one at the time which has now finished.

I've just posted about finding out that it's actually been done as a 3rd payment break/IVA extension (first two payment breaks both extending the IVA and the 3rd missed payment being fully repaid now as of March 2011)

Does that make my concerns any clearer or am I mis-understanding the IVA extension rule?
Last edited by komakino on Wed May 18, 2011 12:41 pm, edited 1 time in total.
 
 

Judo

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Post by Judo » Wed May 18, 2011 12:41 pm
So, you thought you would be paying in another 10mths of increased payments? But GT have told you they have just tagged this latest break onto the end of your term?
If it is worrying you then perhaps ring them back and go through it with them again. If they say the same thing then maybe you could ask for them to put that in writing and forward it on to you. That way there can't be any come back on you?
Might be worth a shot.
 
 

MrsKnight

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Post by MrsKnight » Wed May 18, 2011 12:42 pm
Hi Komakino
All your payment breaks have been authorized by your IP.
You have 2 added onto the end of your IVA which is no problem as this is a option you are allowed to take.
Your 3rd payment break has been paid & cleared, so your IVA payments should of returned to normal & your IVA continue as normal with the extension of 2 months for the 2 breaks.
I cant see any breaches with this & your well on your way to completing your IVA. Im positive you are ok with all the breaks taken.

I hope this helps x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

komakino

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Post by komakino » Wed May 18, 2011 12:44 pm
@Judo

Slightly worrying yes. I do have all email confirmations though if that qualifies as 'having it in writing'.

As I explained before, I simply cannot get through to them by phone at the moment. I'm at work so I have to nip off and use my mobile...however, I'm on hold that long that I can't afford the required credit. I've gotten through after 5pm but there's only 'support' staff around at that time of day and they can't help with my case?? I've left my contact details but no joy.
 
 

komakino

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Post by komakino » Wed May 18, 2011 12:47 pm
@Mrs Knight

You misunderstand.

The first 2 payment breaks have been added onto the end of my IVA.

The 3rd payment break was repaid in full as of March 2011.

The 4th payment break instead of being entered into another 10 months repayment schedule has now also been added to the end of my IVA extending it by a third month.

Is this allowed? If GT have done this in error am I OK?
 
 

Judo

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Post by Judo » Wed May 18, 2011 12:56 pm
In theory komakino. You really have only taken 3 payment breaks!
You repaid the third one in full in March,so that would take you back down to 2 payment breaks. They have just simply tagged your '4th' (which is now actually your third) onto the end.
I agree with Lyns and really don't think you have anything to worry about.If you have all the emails confirming this then that is good as a back up.
I also know what you mean about trying to get through to them. It is an absolute nightmare, I have tried a few times and the amount of time you have to wait is ridiculous and expensive!

I think you're ok. :)
 
 

MrsKnight

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Post by MrsKnight » Wed May 18, 2011 12:59 pm
Im so sorry Komakino for getting muddled & making you type so much.

Right, You are OK! as you have repaid the 3rd break this puts you in the clear & back down to 2 breaks, then adding the 4th which is technically is your 3rd one puts you down to 3 payment breaks which you have added onto the end which is perfectly acceptable in a IVA.

GT sounds to be doing a wonderful supportive job in the circumstances you have encountered in your IVA, it is not in their interest to fail you especially so near to getting to the end.

Im positive you are fine & again please accept my full apologies for getting it muddled up x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

komakino

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Post by komakino » Wed May 18, 2011 1:03 pm
Thanks all.

It makes sense what both Judo and Mrs Knight have said/explained.

I hope GT get back to me soon so I/we can confirm that leaving things as they are is fine.

Here's hoping that the last third of the IVA goes well!
 
 

Judo

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Post by Judo » Wed May 18, 2011 1:06 pm
Fingers crossed komakino that your remaining months run smooth and quick!
As has been said, it would be in nobody's interest to fail your IVA now when you are so close to the end.
I agree that GT are great.....when you can get hold of them!! :)
 
 

kallis3

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Post by kallis3 » Wed May 18, 2011 3:23 pm
Fingers crossed that you can get sorted komakino.

Keep us informed.
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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komakino

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Post by komakino » Wed May 18, 2011 4:24 pm
Don't suppose anyone knows whether or not GT have been known to look in on this forum do they?
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