They should write to you informing you of the breach and that the IVA has now failed. you should contact your IP to see if they have any pln of action against the money you have already payed in etc, please be aware creditor will now start contacting you now your no longer protected by the IVA, you need to discuss your options with an expert about the best way forward for you now the IVA has failed
hope you get it sorted
Arty
IVA completion and certificate received 08/10/2012!!!
Have you defaulted on one payment? Are you no longer able to keep up the repayments or was there an emergency stopping this months?
If your IVA was accepted after February 2008 the protocol allows the IP to give you a 6 months suspension of payments and add it to the end but as you have gone over if they still feel you can continue the IVA a variation meeting will have to be set up through your IP with your creditors to see if they can come to an agreement with yourselves in order for the IVA to continue.
If you have no money and an IVA is no longer a viable option for you they can vote to declare the IVA as failed or they can vote for it to be declared failed and petition for your bankruptcy dependent on your situation.
I recommend YOU calling your IP as soon as possible and try to get this rectified just because they haven't said anything doesn't mean the problem will go away and the longer you leave it the less chance of possibly solving the issue positively
You do need to speak to your IP company to find out what is going on.
My IVA is protocol compliant but I have nothing in there for a six month payment break, and my company will not keep funds back to pay for bankruptcy.
Check your paperwork firstly to see what it says.
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
Jan if its protocol compliant then the IP has at their discretion the ability to suspend your payments for 6 months without having to approach the creditors. If it's pre Feb 2008 you were only allowed two missed payments of which could be made up by increased payments or at the end of the term by discretion of the IP
Dave, it's the IP's discretion which is the weak point here --- some IP's (none of our regular contributors, I must emphasise) are plainly out of touch with the real world and their client's needs !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Mine is April 2008 and I have nothing in my paperwork and as I said earlier Dave, I've struggled to get a one month break and this has to be paid back over the next couple of months. I've not been allowed to tag it on to the end.
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
Hmmm
reading above mine was pre feb 2008 and I was offered a 6 month break in a chat on the phone as the guy must have thought I sounded fed up
just said they could add it on later that was year 3 I think
every Iva is different regardless of rules they seem to have a flexible attitude as long a you have done your best they seem to help
Not mine - they are very inflexible at the moment.
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
Foggy the IP's discretion is more than likely in order to stop people overspending and then expecting a payment break to settle up. However if there is a genuine need for essential bills then it should be an automatic given because all disposable funds are put into the plan you have no access to other money for these emergencies and expecting you to pay it back over 2 months is completely unreasonable.
At the end of the day your IP is there to oversee the IVA and get a good return for your creditors but they are also being paid a lot of money for this job from your monthly contributions and should also give you appropriate respect as a client. If your IP is forcing you into a situation where the IVA may fail as a direct result of their actions then rather than risk failure of an IVA that I have spent many years paying into I would take the IP to court for the judge to oversee both sides of the story and they can force the IP to change their decision. You can complain to the licensing body who provides their license but they can't force the IP to change or modify any of their decisions however the following in the insolvency act allows for this problem.
"In an individual voluntary arrangement, under section 263(3) of the Insolvency Act 1986, if any person is dissatisfied by any act, omission or decision of the supervisor, they may apply to court, who can confirm, reverse or modify any act or decision, give the supervisor directions, or make such order as it thinks fit."
