www.iva.co.uk

Hi, found this forum today and I must say it is such a relief to read all the other posts and find people in the same situation.

My husband and I have been in a joint IVA since May 2006, and as you all know IT IS HARD. We are just about coping but since the start of the IVA we have had one month where we didn't pay anything and another month where we only paid one half of our payments, both were done in agreement with PayPlan and without any problems or judgement.

These were a lifeline for us during months where we had car trouble and a school trip to pay for. So, getting to the point, how often is it acceptable to do this?

Thanks in advance for any help
Jennie

Hi Jennies, welcome to the forum

You would have to check with the terms and conditions of your IVA but the majority state that you should not exceed a total of 3 missed payments through out the time of your IVA.

Coco

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

Hi there, this happened to us. We entered in to IVA March 2007, have made all payments until September when we could only afford to make half the payment, we cleared this with IP and they said:

1) thats fine, as long as we pay the half that we didint (£189) before out yearly review in March 2008.

They also said that IVA only fails if you fail to make any payments for 3months.

In exceptional circumstances you can apply for a payment break but this has to go to a variation meeting with your creditors.

I dont know about you but you feel terribly guilty when you dont pay it, even though you clear with your IP etc.....

It is really hard, but to be honest been in this IVA has made me and my husband so aware of our money situation. We now only have a cash account, and we work out our money every month, making sure all bills inc IVA go out of bank straight away. What i generally do is work out the money that needs to go out of bank on bills then take the remainder out in cash and that means we dont access our bank,(that covers bills) and what we have at home is to last us till end of month, for shopping, petrol etc....

take care

Hello Jennies and Welcome to the Forum,

I believe that the I.P can allow 3 payment breaks without notifying the creditors or making any changes. Each time you need a payment break you will have to notify the I.P and get their approval.

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

Hi -

It does seem to vary a bit. I have a Modification stating that if I miss three payments - not necessarily consecutive - then the Supervisor SHALL fail the arrangement. I dont know if this would include a month where you dont make the FULL payment - I assume that it would - unless the shortfall is quickly made up.

Thanks for your help.

Not a problem best of luck with your IVA [:D]

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

Hi Jennies
Did your IP state how they want you to make up the shortfall ? Normally you can tag it onto the end of the IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp