Iam in danger of failing my IVA due to stupidly taking out Payday loans when my husband was very ill last year - no 2nd income. I have been with the IVA for 3and half years but they have now said that if I do not settle with the payday loan co's I will fail my IVA CAN ANYBODY HELP PLEASE
Please try and sort this with your IP company, it is nobodys interest to let the IVA fail.
Which company are you with and how much do you owe on Payday loans?
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
I am with Varden Nuttall, - I spoke to my advisor this am - this problem has been going on since on or around August last year - I have kept my IP informed all of the way and have never missed a payment,however,they were not very helpful - I did get a payment break for two months however, this was only due to the fact that I had overpaid in the early stages of my IVA - (I WAS NOT INFORMED OF THIS AND WOULD NOT HAVE TAKEN OUT ANY PAYDAY LOANS IN THE FIRST INSTANCE if I had been aware)-I did manage to pay off three of the payday loans, however, I still owe approximately £1500 -
I told my IP about this , this am but she said that I would have to clear all the debt for my IVA to continue
Hi - if the payment break was because you had previously overpaid, then I would ask them again if you could take a payment break to repay the payday loans now. I don't really know what else to suggest as I expect you have explored all other options (borrowing from family etc).
I think that its crazy that they loaned you the money given that you're in an IVA. This sector of the loan industry fervently maintain that they credit check every applicant and that over 50% of applications are refused. I know that this doesnt diminish our own responsibility to adhere to the rules and conditions of the IVA and we're ultimately responsible for what we decide to do, it just appears that the loan company have compounded the OP's problems, not helped, not that they will be bothered about that.
Hi everyone
Sorry for finishing so abruptly last night - I need to continue with the problem re the paydayloans - When my stay of payment had finished with Varden Nuttall had finished, as I previosly mentioned - I still had £1500 approximately left to pay and as there was not any more help forthcoming from my supervisor(he has now moved on and I have a new one - bearing in mind that this will be at least the 4th or 5th cahnge of IP since I commenced my IVA in 2008 and not once has anyone informed me of the change, I only found this out when I phoned mysel before Christmas) Varden Nuttall at the time, I phoned a Debt Management CO who agreed to take on the repayments to my creditors(Payday Loans) for £70 per month - I duly informed the previous IP who said that he would look into the matter for me and see whether Varden Nuttall could help -this was back in September last year and he never got back to me - I eventually rang him to see whether he had done anything - all he said was did I realise that I was paying out 140 for 2 months and that none of the payday loans were being paid but he would again look into the matter and get back to me - he never did - shortly before Christmas I phoned VN and was informed that my supervisor had changed - I had to repeat the saga all over again ( in the meantime I have had 3 letters of breach), she said that she would discuss my situation with her supervisor and get back to me - I eventually had a call from her last Friday but was at work so phoned her back on Tuesday - that was when she told me that my IVA was in danger of failing as I had breached the terms of my agreement - (I was desperate and could see no way out as VN were not very forthcoming) -she said that she would discuss the situation with her supervisor(should have been done before xmas) and get back to me -am still waiting.
By the way my IVA is £636.76 per month
Sorry for being so long winded and thanks to all who posted back replies.
Don't know what to do now
Catbalou - better you try and work with your IVA company, to hopefully resolve some of the issues.
Perhaps its time to re email your IP direct and find out what going on
Pros and Cons with any debt plan including Bankruptcy - so you need to find out all you can about your choices - look at the sister site of the IVA forum link (bankruptcy). Only you can decide what the best option is for you.
Last edited by ginger3232 on Wed Jan 11, 2012 3:02 pm, edited 1 time in total.
With all due respect it's obvious you have got yourself completely In a right mess here and at the end of the day like Kallis said for the sake of 1500 it isn't really in anyone's interest for it to fail at this stage. I would suggest getting your supervisors email address and emailing him direct (or her). You need to discuss what's happened, why you felt so desperate to get a payday loan in the first place and see what they can do for you. They might be able to have a variation meeting to discuss this breach and put forward a solution which they can vote on. If you're paying 636 a month similar to me then 1500 compared to your total debt is pittance and so hopefully something can be done.
I wish you luck with it and hope it works itself out. If the supervisor does work some magic for you I would seriously advise you for the remainder of the term to steer clear of any more lending and always go to your IP of you are struggling and not borrow to get yourself out of it because that is how most of us ended up in lots of debt in the first place.
So a 3 month IVA payment break would allow you to repay this payday loan debt in full???
If VN just propose to add the 3 months onto the end of your IVA and allow the break your IVA could carry on as it is.
At 3 and a half years in your are well on the downward slope so going BR now would mess up your credit rating for a further 6 years? Do you have property with equity in it??
If you dont have any fears of bankruptcy I would tell VN that you need to get this sorted or you will go BR and they will lose out on 18 months plus of supervisory fees!!
Paul
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
