Payment break question

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akadiri

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Post by akadiri » Mon Jul 16, 2012 7:25 pm
Could someone please tell me if there is a maximum amount of time you could take as a payment break through the life of your IVA? And would this time be aggregated - i.e. if the max is 6 months does that mean that if you take two breaks of three months each, that's your lot? I am currently in the first month of a break due to being made redundant from my job so I want to know what would happen if i wasn't able to find another job soon.

Thanks
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 16, 2012 10:41 pm
It would depend upon the terms of your own IVA - but if you are in the process of proposing an IVA, and your IP uses the current IVA protocol, you could arrange a break of up to six months, this could not be for more than once during the lifetime of an IVA, and then you could miss three further payments without falling into arrears.

You would need to check the terms of your own IVA to be sure, and confirm with your IP as necessary.
Regards, Melanie Giles, Insolvency Practitioner
 
 

plasticdaft

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Post by plasticdaft » Tue Jul 17, 2012 12:09 am
I think most firms will be as flexible as their terms allow.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

akadiri

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Post by akadiri » Fri Jul 20, 2012 4:32 pm
Thank you both very much for your responses, most helpful
 
 

Tina Shortland

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Post by Tina Shortland » Tue Feb 19, 2013 1:36 pm
Hi Akadiri welcome to the forum. Please let us know how you get on with arranging your payment break and what terms you had if that is ok. Many other posters in IVAs are interested about payment breaks so it always help to understand different situations.

Fingers crossed you can sort something out.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
 
 

Ruth.mh

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Post by Ruth.mh » Tue Feb 19, 2013 11:34 pm
I had to phone my IVA company today to discuss a break of 1 possibly 2 months break due to my car needing 3 new tyres, squeaking brakes and, after snapping off my crown, a dentist bill of £209.

I was told that its only after 3 months worth of arrears that the IP would need to inform the creditors so 1-2 months of arrears could be corrected by a repayment plan in other words, add extra money to my monthly IVA amount until the arrears are cleared. My company said that if their are arrears showing on my creditors report next time they would explain the reason and show a repayment plan is in place to deal with and rectify the arrears.

good luck
Dreaming of the day that I'll finally be debt free!

My blog http://venus2129.blogs.iva.co.uk/
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