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JustPlainStupid

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Post by JustPlainStupid » Tue Dec 03, 2019 9:14 am
The official 5 year anniversary of my IVA is August next year. I've had a couple of payment breaks due to my job situation which would add 4 months on. At the anniversary, I'll have hit 99% including fees, etc. Is it more probable that they'll finish the IVA at the anniversary, or do you think they'll stick it out to get 100%?

Lisa Thomas

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Post by Lisa Thomas » Tue Dec 03, 2019 9:52 am
It depends on your terms.

If your IVA promised to pay 100% of the debt and interest. after allowing for costs in full then there will be an extension.

As you have said you had a break I would expect you to have to make up for the missed payments, albeit once you hit the 100% plus interest and costs in full figure your IVA will finish anyway.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Tue Dec 03, 2019 10:47 am
They will carry on until you have made all the agreed payments, unless you hit 100% debt, fees and possible statutory interest first.
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

JustPlainStupid

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Post by JustPlainStupid » Tue Dec 03, 2019 10:50 am
Thanks. I think I'll just forget August and late 2020/early 2021 in my head. One thing I would be interested in knowing. When I missed the payments, I think I was paying about £760 a month. I'm now paying £1769 a month. If I missed 4 payments, am I 4 x 760 in arrears or 4 x 1769?

I'm still hoping the ex will buy me out on the house but that's looking shaky at the moment.

luluj

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Post by luluj » Tue Dec 03, 2019 11:41 pm
Give them a call and ask them for clarification .. get a date in your mind and start the countdown!!
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Lisa Thomas

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Post by Lisa Thomas » Wed Dec 04, 2019 10:36 am
I would expect you to have to make up the arrears - i.e the £760 BUT if you are heading for a minimum of 100% repayment (including any interest and costs) then the figures will be academic to finish early, you will have to pay everything off.

One way to bring the figure down a little is to check the interest point. If its applicable you might be able to put forward a variation asking creditors to waive it.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Lisa Thomas

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Post by Lisa Thomas » Wed Dec 04, 2019 10:36 am
...but bear in mind creditors could refuse this and many IP firms charge of a fee of c£500 for a variation meeting so the costs could go up and you may not be better off - it depends on the figures.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

JustPlainStupid

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Post by JustPlainStupid » Thu Dec 12, 2019 6:59 pm
Thanks for the replies. I think I'll just keep my head down. It'll be what it'll be and the stress of trying to get a variation will do more damage than living with the payments.
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