IVA Termination Threat

Giant7

Hello

I need some urgent IVA advice.

I started my IVA in May 2008, and have fallen into arrears after I varied by terms 8 months ago.

The top and bottom of it is, that I received a letter at the weekend from the IVA Company saying they’d set up a meeting with the creditors to terminate my IVA. Through no fault of my own I have let this happen and I have really taken my eye of the ball and been too laid back. I live in rented accommodation with my partner and we have 2 children, one of which is only 1 ½ years old, so we’ve had an expensive 2 years.

However I’ve started to manage my money a lot better and really don’t want my IVA terminated. I want pick it up again, hopefully get a good start to 2011 and get my payments on time and not fall into arrears again.

I have approx £19,000 worth of debt through credit cards and loans. I have no assets apart from my car which I need for work.

Can I stop or plead with them not to terminate my IVA. I know its my responsibility to keep on top of it, but there letter states they’d tried to contact me to discuss it etc but I’ve had nothing from them apart from one letter 6 weeks ago which was more of a review and I returned everything straight away.

With my partner having unpaid time off sick, to family problems, to a new addition to the family its been a stressful time but I’m financially in a better position to fight this.

Please help? Any help, advice or personal experience would be gratefully appreciated.

Daisy4567

Am new to all this so hopefully someone will be along soon who can advise knowledgeably - however, can you not talk to your IP?

Have you contacted them regarding this?

CAB?

Good luck with it all

Charco_2

You need to contact the IP straight away (or his supervisor staff).

Explain that you've had problems but that you dont wish for your IVA to be terminated and that you'll make up the arrears.

Your IP has a duty to act when it looks like an IVA is going delinquent. Usually this is around three months arrears so your IP has certainly shown you patience - you need to form better habits of keeping in touch with your IP
(THAT IS A GOOD RULE FOR EVERYONE HERE TO NOTE - if you're making your payments regularly then that's enough, but if you see a problem approaching on the horizon then contact your IP to forewarn. If you unexpectedly miss a payment, a phonecall can go a long way to showing that you are still willing and playing ball... if you miss payments without explanation the IP will try to contact you but he has to show to his regulators that he is actively doing his job so that could mean taking steps to end the arrangement.)

Doesn't mean it's necessarily over for you however, there may still be time but contact your IP ASAP now. Propose that instead of ending the IVA as a failure that you could extend the IVA by a year (to make up for the missed payments and that you should carry on as normal - making the payments this time!)

Max_Maxwell

Charco is so right, communication is everything. This applies to all business/ financial transactions in life, but it's imperative when in an IVA. A phonecall really does go a long way.

If you pre-empt an issue, say a large unexpected bill, and forewarn your IP they may well be able to help you plan for it or look into contingencies.

Failing IVA's are of no benefit to either party so your IP will do their best to keep it on track for both you and your creditor so always keep in touch and keep them posted. That way you build a solid, professional relationship with your IP as you would with a bank or business.