Unable to make IVA payment

sj38

I've been on an IVA for the last 4 months which relied on my lodgers rent and they are now leaving at the end of the month. I've advertised for another lodger but this can sometimes take quite a while and I'm worried that I won't be able to make my IVA payment and wondered what action they might take.

Any help would be appreciated as I'm having sleepless nights over this.
Thanks.

La_Tristesse_Durera

Hi mate,

It's probably a good idea to post your SOA as mentioned at the top of the forum. I'm not on an IVA (DMP myself), however I *think* it's legally binding, and missing payment(s) could cause big problems. I would say after your rent & council tax you need to pay this as a priority.

Hopefully someone with more knowledge on IVA's can help.

sj38

Wasn't quite sure what SOA was but hope this is right. As you can see from the below figures I'm financially ok but it's just when I lose the rent money that I will struggle.

Monthly Incomings:

My salary - £1,421.32
Rent - £300.00

Total - £1,721.32

Monthly Outgoings:

Mortgage - £560.37
Council Tax - £86
Gas - £15
Electric - £31
TV License - £11.37
BT line rental Phone - £18
Talk Talk calls - £25
Mobile - £15
Water - £8
Food - £100
Car Insurance - £28.83
Petrol - £90
Various Insurances for house - £83
Secured loan - £246
IVA payment – £211

Total: £1,528.57

CLAPTON

you need to speak to your IP, it is usually possible to miss a payment and have it added on to the end of the 5 years i.e. the IVA will go on to 5 year and 1 month.

CLAPTON

one other thing that it rarely mentioned in relation to IVAs. its pretty essential to build up an emergency fund; as a house holder and car owner it is certain that you will occasionally need to pay out a significant amounts...ch boiler packs up, tile off roof (if not a flat), major car breakdown, washing m/c packs up because the IVA is pretty inflexible and lasts for five years.

james32_uk

I had a large car bill and my IP let me postpone a payment no problem. Shoudl be fine as long as you let them know in advance.

ricksExpensive

sj38 wrote:

Wasn't quite sure what SOA was but hope this is right. As you can see from the below figures I'm financially ok but it's just when I lose the rent money that I will struggle.

Monthly Incomings:

My salary - £1,421.32
Rent - £300.00

Total - £1,721.32

Monthly Outgoings:

Mortgage - £560.37
Council Tax - £86
Gas - £15
Electric - £31
TV License - £11.37
BT line rental Phone - £18
Talk Talk calls - £25
Mobile - £15
Water - £8
Food - £100
Car Insurance - £28.83
Petrol - £90
Various Insurances for house - £83
Secured loan - £246
IVA payment – £211

Total: £1,528.57

Maybe just me being daft, but just wondered how come you pay for 3 types of phone line? Could you not combined the talk talk and BT to something cheaper? Seems expensive to me to have both those and a mobile? I know it would only save you £20 or so maybe but every little helps :A

girlsmum

why are you paying £18 for BT and then £25 for talk talk calls.
i have talk talk and you only need option one with BT for £10.50?