i and my husband have been in an iva since june 2011,i didnt include a catalogue debt at the time and have kept my monthly payments up (not a great amount)i havent ordered anything from them since i went into the iva.my other problem is my husband got a pay rise at the end of november and we havent declared it as we were on working tax credits and these have been reduced now due to the pay rise. i cant sleep for worrying, and have not the courage to phone my ip so please dont suggest this. what will happen to us when our yearly review comes up.i feel ive failed already
Don't panic - you need to be totally honest in an IVA. Not declaring the catalogue could be seen as a breach as you are showing preference by paying them 100%. How much do you owe them now? I suggest if you can,clear it in the next few weeks.
If you can't and you really cannot speak to your IP (which really is the best option and it would probably be better than you think), then I would write to them tomorrow explaining you forgot to add the catalogue debt and a)you will clear now or b)send them details and ask them to consider adding to the IVA.
With regards to your partners payrise, then have a look at your proposal. Most nowadays state that you need to tell your IP when you receive an increase in income, but it doesn't affect payments until the next review. Just say you were waiting to see what happened to the tax credits before you notified them. Send them the payslips since he received the income and say you are advising them as per your agreement but understand it does not affect things until the review date (and to be honest with you tara it will probably be swallowed up by increased expenditure).
Please write this weekend and once you have posted it you will feel a lot better.
Hi Tara, I am sorry that you are so worried and obviously you do need to speak to your IP, the weight of this hanging over you will only get worse. In some ways worrying about it will be more stressful than coming clean and you do need to have a transparent relationship with your IP so that they can best advise you. Why did you not include the catalogue debt? Remember, nobody wants you to fail, it's taken courage to make your post after all.
We are all in the gutter but some of us are looking at the stars - Oscar Wilde. My blog: http://car1e.blogs.iva.co.uk/
You really do need to come clean with your IP re the catalogue debt - you will not be the first person to have forgotten a debt and you won't be the last.
Be honest with them, and they will help you I am sure.
Regards your husbands increase - if the decrease in tax credits matches the increase in wages then one will off set against the other so all will be fine.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
By paying your catalogue debt you are preferring one creditor over the rest,so you really need to either get it paid off ASAP(perhaps if a relative could fund this) and hope that your IP doesnt find out or come clean over the catalogue.
As for the pay and tax credits you should let your chosen firm know as soon as anything changes moneywise for you,get their reply in writing so you know where you stand.
These are minor issues which should have no effect on your IVA but your IP must have a level of trust in you and by not coming clean you put this level of trust in doubt.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi try not to worry, if you can't ring them and talk to them email them with the full facts and be honest. IP's are working with us not against us as well as working for the best interest of our creditors.
I'm sure you'll be fine, get it in an email or letter and hopefully it will be all cleared up soon. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
thankyou for your replies, ive been awake all night with worry.i have decided i will ring my ip on monday...dreading it though. i owe 1,200 on the catalogue debt been paying minimum amount, i meant my monthly payment was not a great amount.will there have to be another creditors meeting?i only pay a dividend of 26p and worried that wont be enough if i add another debt on.didnt declare it as a lot of the catalouge stuff was "buy now pay next year" and it is all starting to show on the statements now, i feel so ashamed as my ip was brilliant with us and i feel i have let her down with being dishonest. yes the tax credits offset my hubbys payrise ,what he gained we lost in credits so we are no better off cash wise.
Have a chat with your IP Tara, I'm sure you can sort something out between you.
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
Its more a mistake than dishonesty and I am sure your IP will see it that way as well,you will sleep better once you have spoken to them to sort this out.
If the amount affects your dividend too much then your IP may just ask you to pay an extra month or 2 into the IVA to cover things,an extra meeting is unlikely.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
thankyou all, just hoping i feel more confident on monday,ill have to ring rather than write or e-mail them as then i will be dreading the phone ringing knowing they wil ring me.but what will they say about me making the min payment,ive struggled to find the money for it and once these extra buy now pay nxt yr go on i wont be able to afford it.i feel so upset and cant stop thinking about what a stupid mistake ive made, but for this our iva is going ok.and i do fee dishonest because they are such nice people
Don't get upset, a lot of us have made mistakes so we know how you feel.
Just explain things to them and I'm sure you will be ok. Come on here at any time for a virtual hug and reassurance - you'll get lots of that.
Let us know how you get on speaking to your IP on MOnday and keep your chin up!!!!
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
Once the words are out you will feel better as you know then what you are dealing with. Sometimes its the uncertainty that just makes things seem far far worse. You have just made a mistake, we all do it! Good Luck to you tara.
We are all in the gutter but some of us are looking at the stars - Oscar Wilde. My blog: http://car1e.blogs.iva.co.uk/
thanks for the support, i will post you on monday when i have rung my ip.keep everything crossed for me,i know to some people it will seem trivial compared to what they are going through,but its making me ill.
