worried

lucieloo

Hi please can someone help me, i am worried sick! I have had an iva for 3 years and i have just had an operation causing me to miss 3 payments which was agreed by iva company, however i know have a variation meeting on 23rd of june which im really worried about but to top it off i have just had a letter from my car insurance who i have been with for 3 years too saying that they refuse to give me the direct debit option as they have done a credit check? my worries are i now have to pay for the year upfront and also why have they only just done the credit check now?? i am sick with worry what with the variation meeting and now this. Does anyone know what is going to happen to me? Please help x

iwannabefree

Who is your car insurance with?

In my IVA nearly five years now and each year I am able to pay my car insurance monthly by direct debit. I don't stick with the same company either, because they are all money grabbing highwaymen.

Did you use one or more of the comparison websites? Please don't just stick with one as they can all vary, even the same insurance company.

I think maybe you might look into cancelling your current insurance and look at going with a new company.

I think many people on iva's are able to pay monthly.

I hope this helps.

FoggyBrain_2

Some insurance companies fund monthly payments "in house", merely spreading your payments, whereas some fund the premium from a third party loan company --- who will credit check at renewal. Maybe your company has recently changed the way they deal with monthly payers.

lucieloo

many thanks for your replies but my insurance does lend via a third party thats what has thrown me? do you think i need to worry about variation meeting? and also how do i pay 700 up front or can i get a quote elsewhere? im so confused.

FoggyBrain_2

Other people have managed to get monthly payments in IVA's --- by going direct and explaining the situation. If you need to fund the money upfront you can ask your IP for a payment break to get the money together ( this will be added on the end of the term).

lucieloo

thankyou foggybrain and is a variation meeting normal? am i in trouble?

FoggyBrain_2

Best to check with your IP -- I am sure he will explain why the meeting has been called. Your IP normally has the power to agree payment breaks, so that shouldn't be the reason, unless that power wasn't written into your proposal.

lucieloo

FoggyBrain wrote: »

Best to check with your IP -- I am sure he will explain why the meeting has been called. Your IP normally has the power to agree payment breaks, so that shouldn't be the reason, unless that power wasn't written into your proposal.

i really appreciate your help foggy brain. from what i understand they are asking for the power to allow payment breaks for nine months without permission. i am so scared i have already had 4 breaks due to my car blowing up and my operation. so does this sound right to you? and how would i know if it was written in my proposal?

FoggyBrain_2

It should say in the paperwork. Mine says my IP can agree breaks totalling up to 6 months without referring to the creditors. If I need mnore I guess they will have to call a meeting to see if the creditors agree. If there's good reason for the breaks I am sure the creditors will look kindly on the request, as it at least means they will stil be getting their money.

lucieloo

FoggyBrain wrote: »

It should say in the paperwork. Mine says my IP can agree breaks totalling up to 6 months without referring to the creditors. If I need mnore I guess they will have to call a meeting to see if the creditors agree. If there's good reason for the breaks I am sure the creditors will look kindly on the request, as it at least means they will stil be getting their money.

thankyou, that explains it then as it does not say anything like that in my paperwork but in the variation meeting request it says that they are asking for the authority to allow payment breaks for up to 9 months. thanks agian for your help