I have been in an IVA for 4 years. My proposal said it would be of 5 years and 6 months duration. My total debt was £29,680. The offer paid by 60 monthly payments of £290 totalling £17,400. The dividend was 35p. I have made 48 payments and therefore have paid a total of £13,920 so far. My circumstances are about to change meaning a dramatic drop in income and I will find it hard to maintain the payments. If a relative could help me to make a full and final settlement what would be a reasonable offer?
Lastly, can you tell me why the IVA is to last 5.5 years yet payments only for 5 years?
Many thanks
Mary
Thank you Lesley. I am not convinced I can make it yet but I can't continue to make the payments with such a drop in income and I don't want my IVA to fail at this point.
I will let you all know what happens. I spent the whole morning reading posts and learned a lot so will post so that my experience my help some one else as it has helped me.
All the best!
I am about to go through my annual review and with loss of income coming at this time I am not in a position to continue to make the payments.I can't make the I & E work, there is a big shortfall, so I looked here to try and find a solution. Through reading here I have learned that I either ask my IP to ask my creditors for a variation to accept my payments for the last 4 years as full and final payment, or approach a relative who is totally unaware of my situation if they can help. Maybe they can and will, or maybe they can't or won't. Either way it's crunch time. Your kindness made me cry. This forum is a godsend and I am just so grateful it exists and to all the people like you who give their time to help and advise.
Bless you! x
You're welcome silverlining and we all genuinely want you to have the best outcome. I'm almost half way into my IVA and have posted since before it was accepted and I expect to post hopefully long after it's concluded. I always thought I was the only person in debt before I found the forum and in a way was relieved to find others in the same boat. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thank you so much. You know if money troubles are a prerequisite for being a lovely person I would say there is definitely evidence of that here! You're all so kind.
So sorry to hear its gone downhill for you after paying for 4 years already. If your income drops significantly through no fault of your own leaving you no disposable income for the IVA and you have paid for four years non stop then have you actually asked the IP of the chances of accepting payments to date as a F&F?
Thanks Dave. First thing tomorrow I will contact my IP and ask him. If that fails I will try and think of someone who might be in a position to lend me the 2k, that Andy suggested might be a reasonable offer to conclude it.At least the sun is shining and it's free!
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
Well having procrastinated, finding excuses to do it later I finally screwed up my courage to call my IP and explained my predicament. I have to provide them with all the documents required at annual review and then person 'A' will look at it and pass it to person 'B' who will also then look at it. Then person 'B' will probably call me to discuss things in further detail. Then person 'B' will decide whether it can go for a variation asking for my 4 years of payment to be accepted as F & F. sounds like a bit of a palaver but at least I have taken the first step. Will keep you posted as to how this pans out (could take a while by the sounds of it!)
