Struggling with my IVA

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laura414

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Post by laura414 » Sat Nov 24, 2018 9:52 am
I’m in a bit of a mess, I’ve been in an IVA for just over two years and in June my mother in law got terminal cancer and passed away in September and my father in law had no income coming in because he’s self-employed so we were helping him out. I got a pay rise of about £190 a month in June and didn’t inform my Supervisor because we were struggling (I’d already called them but they wouldn’t reduce the payments). I’ve also recently taken out a £250 payday loan which was an emergency.

I have not missed any agreed monthly payments.

What should I do and is my IP likely to fall my IVA?

Foggy

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Post by Foggy » Sat Nov 24, 2018 10:04 am
Sorry for your loss.

You do need to speak with your IP and inform him of the payrise. Depending on the timing of the rise and your annual reviews, you might be OK (apart from not informing them at the time -- which was at a difficult time so could be excused). Assuming you have the usual clauses a permanent payrise is only taken into account at the review following the rise and payments are increased from the month following the review.
If you do have any arrears hopefully your IP will agree to allow you to catch up by either adding a few quid to each monthly payment, on top of the increase due, or by extending the IVA term to cover the arrears.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

MerlinL14

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Post by MerlinL14 » Sat Nov 24, 2018 1:38 pm
Sound advice from Foggy, but you do need to start talking things through with your IVA company before it gets too bad. Discuss things on here about how you are struggling, how you need help in finding bargains or just need to vent a little. We have all been there in some form and you may just benefit from letting it out and not having to bottle things up.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

kallis3

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Post by kallis3 » Sat Nov 24, 2018 2:30 pm
Sorry for your loss - I agree you need to speak to your IP asap and see what can be done.
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

laura414

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Post by laura414 » Sat Nov 24, 2018 5:16 pm
Thanks for the advice guys. My father in law is back at work now so we are finally getting back on track. I’m just terribly worried that my IP will fail my IVA if I notify them about the payday loan and the pay rise and I’ll be made bankrupt and lose my home.

My review is due in January, if the £250 payday loan is cleared before my review, will they do a credit check?

kallis3

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Post by kallis3 » Sat Nov 24, 2018 5:52 pm
I think you will be ok.
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

Foggy

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Post by Foggy » Sat Nov 24, 2018 6:19 pm
They don't usually credit check and most IVA's have a clause allowing up to £500 to be taken without the permission of the IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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