What do you advice

[adam090376]

Hi everyone
This a is a good topic and a question I was thinking of asking myself. I am currently only in year one and have 2 missed payments that have both been authorised by my IP. I have made up some of the arrears and intend to make up the rest before my annual review but what is the official stance with regards to missed payments that are authorised and those that are not. Does the 2 authorised payments that I have misssed count as 2 of the 3 that I am allowed before the is failed?
Adam

[Adam Davies]

Hi
I think that your IP will be the only on to answer that,like most things it will be upto your IP to interperet your creditors requests. However my gut feeling is that you must be no more than two months behind at the annual review to be safe.
Was yours an affordability issue or did you have repairs or similar to make ?
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

[adam090376]

Hi Andy
I had to miss the payments due to car repairs early after my IVA started. I am not intending to miss any more payments just want to make up the arrears and continue on with my IVA. I must say it has made a real difference to my life having a great IP at Accuma, They have been so helpful with the payment problems and have been patient with me paying each month as long as I pay in the month that the payment is due they have been OK with that so far. I am hoping that once the difficult x-mas and new year peroid is out of the way I can pay the arrears off and set a firm direct debit date for my monthly IVA payment.
Adam

[Martin2011]

Not sure how making up the payments works though... Do additional monies paid into the IVA act as a buffer or are they just that, additional payments to what you are expected to have paid at the end of the agreement. If the former, then I'm 4.5K ahead of schedule and so in theory could miss 3 payments and not have a problem.... Don't imagine for one second that can be right though... If the latter, not sure how it's possible to make up missed payments 'in year' and suspect the only way to do so is to add to the end of the agreement, i.e., extend the IVA for the number of months missed....

Martin

[Adam Davies]

Hi
You are about right Martin
Extra paid in from overtime etc can't then be used as a reason to fall behind,or visa versa.
If you earn overtime you can pick up missed payments by handing over your 50% otherwise you would need to extend the IVA to catch up
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]

Sorry guys - missed payments are missed payments, whether with your IP's authority or not.

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

[Adam Davies]

Hi Mel
What about a three month break due to illness, for example,that's tagged onto the end of the IVA.Are we saying that another month missed,say three years later,would result in a breach and the IVA to fail ?
Surely there must be a degree of flexibility and common sense that the IP can use at their discretion ?

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]

Yes - that would need to be varied, if the IVA carried the three missed payments and default general provisions. There is no flexibility in this unfortunately in the eyes of contract law, and unfortunately creditors do not like allowing IP's discretion, as they feel that this may be abused.

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

[Adam Davies]

Thanks
Interesting,when you consider that creditors don't like variations. You would think that they would allow the IP discretion to increase the term of the IVA,by say a maximum of six months to cover missed payments,additional claims etc.
I get the feeling that creditors trust no one,not even highly qualified IPs
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 am afraid that you may be right there Andy- no doubt stirred up by some good spin from certain circles!

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

My IP will do my review middle of January. My review date is 22 December. As I will be making a full payment of £850 on 31st Dec...It will be mentioned that my cheque was delayed in the post due to Xmas. (January payment will bring my account upto date ish) Obviously will have to make up one payment over the Final next year.

Thanks for all your help...will keep you upto date.