help needed

ponderer

Hi I'm just starting last year of iva and due to my income being low my disposable income last year was only half of what my payments were but as want to pay as much as possible kept them at normal amount and struggled as we all do. But I have big problems with my car been told will be appx 500 and I don't know how to scrape money together do I contact my ip to see if I can miss a couple of payments? Goes against grain but don't know what to do as cannot be without car as have sick parents that live over 30 miles away as well as needed for work.

UpToMyNeckInIt

Yes, that's exactly what you should do. Most iva firms simply tack any payment breaks into the end anyway, so you end up repaying the same amount.

Worth also properly reviewing your income/expenditure to keep your repayment viable - you should not be forced into an unreasonably spartan lifestyle. Most IP's have the discretion to reduce repayments by up to 15% without having to seek permission from your creditors. (Whether or not you have to repay any shortfall is a policy which varies according to your company).

Any more than 15%reduction in repayment is likely to need a variation meeting.

Good luck.

althas

My IP allowed me during my IVA to miss a TOTAL of 3 payments when needed to. I went 2 in arrears one time (3 and the IVA fails) and then 1 more a couple of years later. I have almost completed my IVA and only a small ampount of the arrears, so no extension needed for me so I can not say if they have to do a variation to the agreement or if you can have it in their powers to extend without talking to the creditors as long as it is within certain limits

My advice would be to simply talk to your IP, explain the situation. You will not be the first they will have had this converstion with, so you should get a decision fast

ponderer

I have rung them will not let me discuss anything with my ip I have to go through customer services. I have asked for email contact and also will not let me contact him as I have to send email to customer services and they decide whether they pass it on to him or not. This is GT anbody else have problems withthem like this?

UpToMyNeckInIt

A Grant Thornton customer getting to speak to their IP? That would be a first.

Trouble with GT is that they are an iva factory with something like 10,000 customers, and only 3 IPs (so I read), one-to-one with your IP is unlikely.

Best play the game and go through customer services.

longtermplanner

What you are asking for is pretty normal. I wouldn't expect you to have a problem with it. Just go through customer services then put in a complaint if it is rejected.

sourcrates

Yes go through customer services, IVA wont fail if you miss 3 payments, I missed around 5 in total, its not in there interest to let the IVA fail as its a big money maker for them, your IP makes around £20 grand from the average IVA, they will just add the missed payments to the end of your plan, sometimes they may go back to your creditors to negotiate a lower repayment if they think you cant manage the amount you have agreed to, basically they will move heaven and earth before they fail your IVA, so don't panic.

UpToMyNeckInIt

sourcrates wrote: »

Yes go through customer services, IVA wont fail if you miss 3 payments, I missed around 5 in total, its not in there interest to let the IVA fail as its a big money maker for them, your IP makes around £20 grand from the average IVA, they will just add the missed payments to the end of your plan, sometimes they may go back to your creditors to negotiate a lower repayment if they think you cant manage the amount you have agreed to, basically they will move heaven and earth before they fail your IVA, so don't panic.

£20K!!! Really?

More like £3-4K. (Based on my own IVA, with a £35K debt).

debtfree2016

Hello Ponderer
I had the same problem last year, I looked into a payment break but you can only do this once. Decided against it so asked if I could miss one payment and make up the difference within the year. Before the next review which they agreed to. Its very tight but needed to be done, best of luck.

phil2580

£20,000 in fees? Impressive.

Knowing the industry well, I can confidently say that IP's very rarely get fees anywhere close to this.

Nominee Fees are typically £1,000 or 5 x contributions; Supervisor Fees 15% of anything after.

The amount of work that goes into managing an IVA properly means there is only a small profit margin.

sourcrates wrote: »

Yes go through customer services, IVA wont fail if you miss 3 payments, I missed around 5 in total, its not in there interest to let the IVA fail as its a big money maker for them, your IP makes around £20 grand from the average IVA, they will just add the missed payments to the end of your plan, sometimes they may go back to your creditors to negotiate a lower repayment if they think you cant manage the amount you have agreed to, basically they will move heaven and earth before they fail your IVA, so don't panic.