What do you advice

[polar]

I have had an IVA for 4 years. I was able to miss 2 payments in the Whole IVA. I have missed 2 with the consent from the IP.

This year has been a hard year with the car needing £800 worth of work to keep it road worthy. My yrarly review is due 22nd december and I will be £450 short over the whole year (11 payments of £850 1 payment £400. Should have made 12 payments of £850) does this mean bancruptsy.I will be able to make the shortfall of £450 over the coming months.
I have 1 year left of the IVA. Will the creditors IP recieve more If I am made bankrupt now.(having paid 4 years worth of the IVA plus what ever I would have to pay if made bancrupt)
What do you advice...

[Adam Davies]

Hi
There is no way that you will be made bankrupt,just ask your IP if you can extend your IVA by two and a half months to cover the missed payments.[did they suggest it with the two months that they already know about ?]
It is not unusual for IVAs run the full term with some missed payments.
Speak with your IP and propose the solution prior to your review.
Well done for getting this far
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[polar]

I was able to miss 2 payments as per the IVA term. I have missed 2 payments over the last 4 years with consent from the IP. I have now fallen short by approx £400 for this year and I am not able to miss anymore payments.

My terms state that my IVA will fail if I miss more than 2 payments. I am getting pressure from the IP (Cornfield Law)to ge the £400 which I can probably do via a payday loan. If I don't get this then the IVA will deemed as failed!!!!!

The way I see it, the IP and Creditors will loose out if I am made bankrupt

Nothing like major stress at Christmas, I was doing so well.

Most of my creditors have changed to Max Recovery. Who will benifit if my IP/Creditors make me bankrupt?

[Lisa2009]

I agree with Andy. Why would they want to make you bankrupt so far in?
Im sure they wouldnt mind waiting for you to catch up at the end of the term. They have waited already, a little more shouldnt hurt.

mrs skint

[MelanieGiles]

If this had happened during the first year of the IVA then you would be at risk of having the IVA failed, but as you are so close to it concluding I cannot see that anyone would want to see you bankrupt.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[polar]

Thanks for the support.

I feel I am being pressured to find the money because it's easier to say the IVA is upto date.

If miss more than my alocated number of missed payments, do I have to have a new creditors meeting to agree the extra missed payment.

I have actually missed half a payment...

I will see what my IP emails me tomorrow....I feel my blood pressure is up....

Thanks again for the advice

[MelanieGiles]

You would need to check the terms of your own arrangement - but it is usual for IVAs to fall into default as soon as three payments have been missed. IPs may have different policies on how to deal with this, so wait until you get definitive advice from your own IP.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[polar]

My IVA states 2 Missed payments will deem the IVA failed.

Is there any room to move usually with creditors. or does 2 missed payments mean that is it.

Perhaps I should have asked for the IVA to have 3 missed payments when entered in to it.

How would you deal with this situation?

Thanks again

[polar]

From the above post

Does the IP have room to move if the IVA agreement states you are only allowed to miss 2 payments. I have already missed 2 payments previously with the IP's approval.
I am about to miss half a payment. I have made a payment of £400 when I am required to pay £850 PM.

My yearly review is on the 22nd December, Can I propose I pay a little extra to cover the missed part payment

[Lisa2009]

I think at this stage of your IVA, your IP would be willing to help find a sollution. Nobody would want it to fail so far in.
As Melanie has said,it would be a different story if you were only in year 1 but as its now year 4.

[Adam Davies]

Hi
Your IP will have no need to fail your IVA.
Speak with your IP,a reasonable one would allow you to catch up the missed half payment over the final twelve months,say £40 per month.
Let us know how you get on
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[MelanieGiles]

I would certainly not be failing your IVA Polar - that would certainly not be in creditors interests.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[emma_t]

Hi polar

just wanted to say that I hope you can sort this situation out as it would be such a shame for it to affect your iva in year 4.

I am sure no sensible IP would want to fail it at this late stage if you can make up the payments as Andy/Melanie suggests.

[Martin2011]

Hi polar, no way are you going to fail so far in, I for one would go and stand somewhere with a protest banner after you've made it through 4 years...

On this subject though, does missed payments include agreed payment breaks, i.e., there must be a difference between a payment not made due to insufficent funds and a payment not made because your IP has agreed a break to facilitate some essential expediture, like an unexpectedly large car repair bill?

Martin

[Adam Davies]

Hi
That is a very good point Martin.
I would agree that an agreed missed payment,tagged onto the end of your IVA is not the same as a missed payment with no communication/reason
Infact some moertgages allow a payment break of one month and this is not classed as arrears
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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