thought it was too good to be true!

[roadrunners]

Hi all
As some will be aware, our IVA was accepted 07/01/08, and we've just made the 1st payment - 59 to go. We were delighted on acceptance, but now have received notification from our landlord that he is ending our tenancy as of 28th March ( nothing to do with our IVA according to the letting agent), so we now have 2 months in which to find somewhere else to live, and also to come up with a deposit, and 2 months rent in advance ( the deposit from current house not being refunded until 2 weeks after our leaving date). Obviously I think that it is too early into the IVA to ask for a payment break to enable us to get this kind of cash together, but we just can't see another way around it. Family/friends don't know of our IVA, and we would rather it stay that way.
Sorry, just needed a moan, but any advice welcome
thanks for listening
Roadrunners

we'll make it !!

[ianmillington]

Hi

Your IVA will have default provisions which may enable you to miss one or two payments without having to ask the creditors to approve a variation for a payment break, typically 3 months arrears will constitute default. I share your view that it's not a great start to your IVA but I suggest you speak to the Supervisor to see to what extent your arrangement will accomodate what you need to do.

Hope this helps

ian

Help is at Hand!

[roadrunners]

thanks Ian
I'll give IP a call tomorrow
Roadrunner


we'll make it !!

[ianmillington]

Great. Let us know how you get on and especially if there's anything you don't understand.

Ian

Help is at Hand!

[luluj]

Don't panic - we have had similar - our IVA commenced in September. We moved into one flat in October and faced an immediate re-possession order as the landlord had not paid his mortgage. We moved to another flat and on Christmas eve we received a letter saying sorry the mortgage company want the keys on that flat too - two different landlords, two repossessions - we have to move again in March so we are really jittery about renting again as up until our IVA we owned our own house and had never rented before.
Each time we move it costs us money - money that in an IVA you simply do not have. I have written to my IP and explained and they have written back approving additional expenditure to help us out as long as it is all receipted etc - the more upfront you are with your IP the more support you seem to get and help - speak out now and ask them to help you - don't consider bankruptcy this early on.

Lulu

[roadrunners]

Thanks luluj
when you say that your IP approved aditional expenditure, what exactly does this mean, were you able to defer a months payments.
Roadrunners

we'll make it !!

[janot]

oh roadrunners and luluj, i am so sorry this has happened,
we have just moved into rented for the first time and would hate to have to do this again for a long time, as you say it is so costly and stressfull.

Good luck in finding nice new homes.

if you miss a couple of payments now could they be added to the end of your IVA?

janot

[roadrunners]

Hi Janot
Thanks for your message. Yes It would be addes to the end but it may be too soon into IVA (only 1 month) to ask for a payment break. Got to spk with IP on monday

we'll make it !!

[roadrunners]

Hi all.
Just to let you know, I spoke with IP today and agreed a payment break - a little less to worry about knowing we will have deposit and admin fees ready for next property. Nothing sorted yet but we think we may have found a place. Got 6 weeks before we have to move [:(]
Roadrunners