can i miss one payment?

danp100

hi,
nearly two years into my iva and i have never missed a payment, however i am really struggling this month and just wondered if i am able to miss one payment. I will be back on track when i get paid again in 3 weeks, but what happens if one payment is missed? i read in my contract that missing 3 payments is a breach. any advice is appreciated, thanks

milliemonster

I'm having to miss a payment this month too as my cooker needs emergency repairs. I called my supervisor this morning and she told me that although they cannot authorise it, no action would be taken unless I missed 3 consecutive payments, so it was fine, as long as its paid back.

Give your company a call and let them know what you plan to do.

RuthnJasper

I've been in the same situation with my IVA (six months left....:o). The best thing to do is to 'phone your IVA company as soon as possible. Over the years I've been given permission by them to have three payment breaks (e.g. I miss two months' payments but then two months are added to the length of the IVA).

I have had the same conversation with my supervisor as Milliemonster above - that they only start chasing after three missed payments - but they will look more favourably on you if you speak to them first. They may also offer you a chance to re-evaluate your expenses and adjust the amount you are repaying each month; this was something I had to do when I moved out of my parents' house into my little HA property a few years ago.

It's generally in the best interests of the IVA company not to let you fail the IVA and I'm sure they will be helpful if you speak to them. Good luck.

Best wishes to you - and don't feel bad for struggling; happens to us all, even with the best of intentions. x

danp100

thanks for the reply,
i have informed my iva company this morning and been told that it shouldnt be a problem as long as we come to an agreement of either a pay increase or as i hoping to add on an extra month to my agreement. For now i have cancelled my direct debit to make sure the payment doesnt go out, since i just cannot afford it this month. I hope they can realise I have made 22 consecutive payments and this will just be a one off, I would never want my IVA to fail after coming this far.
It is good to hear that other people have been ok after missing a payment,
thanks
dan

RuthnJasper

danp100 wrote: »

thanks for the reply,
i have informed my iva company this morning and been told that it shouldnt be a problem as long as we come to an agreement of either a pay increase or as i hoping to add on an extra month to my agreement. For now i have cancelled my direct debit to make sure the payment doesnt go out, since i just cannot afford it this month. I hope they can realise I have made 22 consecutive payments and this will just be a one off, I would never want my IVA to fail after coming this far.
It is good to hear that other people have been ok after missing a payment,
thanks
dan

Top stuff Dan. The only advice I can really offer after nearly six years in my IVA is to be open and clear with them at all times. They can only help you properly if they know the full facts. I know how hard it can be - but it takes courage to go through the IVA process and stick with it. Please take pride in that and know that you, especially after 22 reliable months, are well on the way to recovery. There's no shame in having a little slip now and then - as long as you are honest about it.

Good on you Dan - :j - keep going, and keep smiling. It'll be OK, and life won't ALWAYS be as sh*te as this now that you've had the guts to face facts, admit that you need help, and actually DONE something proactive and sensible to sort yourself out. Easy to say; hard to believe - but it's true.

All the best to you. x

debtfree2016

Should have done this myself, recently had a huge car repair bill and my mortgage repayment had gone up by £400 so monies set aside for hair cuts, clothing etc got eaten up on the car. Looked at taking a payment holiday but you have 6 months holiday break however I only needed 1 month to resolve, but if you use the one month you cant have the other 5 months on standby for a later date. 3 years to go in my IVA so didn't really want to risk losing the holiday repayment.