can you take payment break from your iva ?

[scarlet]

i have a iva but have recently walked out on my job due to many reasons i have this months pays then thats it till i find another which i am 99% sure i will do and il be ok for next month but just incase can u take payment break from your iva ?

[coco]

Hi Scarlet and welcome to the forum

Through the duration of your IVA you are allowed to miss 3 payments in total before you are in breech of your IVA. You will need to speak to your IP as soon as possible to tell them that your circumstances have changed for a number of reason other reasons too

1. Your pay in your new job may be less which could affect your ability to pay your contribution into the IVA etc,

2. Your pay may increase which will mean that your contribution could rise.

I hope this helps the forum IP's will be able to give you accurate advice




view my blog http://coco.blogs.iva.co.uk

[R1chard]

i was gonnna ask this question.

as i was wanting a payment break for christmas.

to help buy presents and stuff.

58 PAYMENTS TO GO..

[MelanieGiles]

It is not necessarily permissible to miss three payments - you will need to check the terms of your own IVA and discuss this matter with your IVA Supervisor. As you have made yourself unemployed, they will be keen to see you find alternative employment as soon as possible.

Richard - payment breaks to fund Christmas presents will not be allowed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[R1chard]

oh ok.. dunn how im gonna be able to buy anything then!

lol - ill have to get watching DIY programs and make some stuff.

58 PAYMENTS TO GO..

[iva experts]

Hi Scarlet,

You will need to speak with your I.P to let them know that your circumstances have changed. I dont think that this would be a problem as you have a geniune reason.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Oliver]

The best thing to do is contact your IP asap so that you can discuss the best way forward for you. It is possible to have a payment break in an IVA but this is unfortunetly unlikely to be allowed purely for Christmas costs.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[R1chard]

ill see if i can find another way first, i guess i may need the "payment" breaks for a more seroius reason other then presents at christmas in the future. like someone said 5 years is a long time.

58 PAYMENTS TO GO..

[MelanieGiles]

Richard

If you are struggling to make your payments, you do have to consider whether an IVA is the right solution for you. Payment breaks are only allowable for very special reasons - such as loss of job, separation from partner, and are not a given right? Try asking your mortgage company or landlord, or council tax provider for a payment break, and I think you will get the same answer.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[smr]

Hi Scarlet

You should also seek professional advice about the reasons for walking out of your job. If the reasons were due to something that your employer did or failed to do, you may have a claim for damages as a result. I work in Human Resources and have been on both sides of the fence when it comes to employment tribunal claims so would be happy to comment further if you wanted to post any further info on the reasons.

Stay Positive !
SMR

[zarron]

i have an IVA with PayPlan and asked about payment breaks at the start of it all. I was told during the 5 years of the IVA i was able to make a total of 10 payment breaks spaced out but i would need to request whenever i needed one (ie i could not just skip a payment without telling them) and also supply a receipt for what the skipped payment was spent on.

I have missed 4 so far in 2 years but do not plan to skip any more except in a dire emergency as don't want my IVA extended any longer as each skipped payment is added to the end therefore extending the time taken to finish paying the IVA.

[R1chard]

MELANIE

i think you have taken me the wrong way? - im not "struggling" anymore or any less then the next person in an IVA.

but coming up to christmas when i have to buy my parents, son and girlfreind presents - straght after my sons birthday (which is in novemeber) i find finding the cash for it all rather "hard"..

hence the reason i asked about payment breaks.

58 PAYMENTS TO GO..

[zarron]

Richard,
I would give your IP a ring/email and ask them what their rules are on payment breaks and how many you are allowed over the 5 years. At least then you know where you stand regarding them

[R1chard]

yeah think i will do.. ill expect them to say no.. but you never know if you dont ask!

58 PAYMENTS TO GO..

[bagpuss]

I can see both sides...christmas is an expensive time, but its also a nice and exciting time..we all want to feel part of that christmas spirit...

but i can also see what Melanie means....(i am not saying this is your case richard, just in general) but as being in an IVA is a major commitment and your biggest and most important bill for the next 5 years (more so than rent or mortgage)...why then would that be the one to think of for saving a bit extra for christmas.

Richard, you sound like a dream.....and i bet your girlfriend, family and friends wouldnt even expect gifts from you ... even though i do understand you wanting to give them. Your gift could be invite everyone round...cook a lovely meal and just thank them for there support. Just knowing that you would buy gifts if you could but have more important needs right now will be enough for them i am sure. xxx

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/