worried about IVA failing

susieanne

Been on an IVA 9 months paying back £100 per month but last month the car failed its MOT so we had to pay for repairs (cant work without car) this meant we couldn't pay lasts months IVA payment .
My intention was to pay double this month so £200 end September but I haven't got £200 to pay and im really worried

So basically im 2 months in arrears with my IVA

My question is how many months of missed payments can you have before they fail your IVA ?

Im going to try and beg & borrow to get the £200 together to get myself straight as I don't want it to fail

UpToMyNeckInIt

Each IVA firm works differently, but the default consensus that I've read on various forums, is that you start to get into real bother if you miss 3 payments.

At this stage you have 'breached', not 'failed' the arrangement. Most IVA's have a default clause allowing you 30 days to remedy a 'breach'. (May be able to negotiate, dependent upon circumstances).

Which IVA firm are you with?

Speak to your case handler in the first instance, and you might be able to agree a payment break and/or to repay arrears over a few Months, rather than just one. If they are unsympathetic, put your case in writing to your actual IP.

With hindsight, you should have done this, the first moment you realised that things were going to get financially tight, with unforeseen expenditure. (I'm not judging you - we all make mistakes and/or unexpected expenditure comes up etc).

Bottom line though is, if you just 'miss' IVA payments to fund whatever, without first running it by your case handler (easier said than done in some cases, I know), you run the risk of their patience running thin and being less inclined to assist you.

Pick up the phone Monday, speak to your provider. I sincerely hope you get a helpful response.

Good luck, and please keep us updated.