Late IVA payment?

mrcactus

My IVA payment is due to come out tomorrow, however I am around £60 short for it. I was late paying January's one as well, but managed to call and asked to pay a week later and they said that's fine.

I was unable to get hold of my company to explain and ask. This is the last thing I wanted to happen not even 6 months into my IVA.

Apart from these 2 occasions, I've always kept up with the payments no problem.
I need to talk to them as I am still getting hounded by one of my pay day loan companies who said they haven't received any paperwork or have any knowlege of me being in an IVA, and are always asking for a token payment. (most recently they have sent me a settlement offer :rotfl: )

I have a direct debit set up, so will they try to take the £160 out but only successfully take the £100 or will the payment bounce?

Can this cause the IVA to fail? and is there a limit on the amount of times you pay late during the full term of your IVA?

Thanks in advance!

PrettyKittyKat

The DD will bounce. You need to contact your IVA company asap to arranging making the payment you can make and an arrangement to pay the rest. It is common for this to happen and as long as your rectify it you shouldn't have a problem. Arrears are reported at an annual review but even if there is arrears as long as there is an arrangement in place to pay it that is suffice. The only exclusion is going 3 months in arrears (by amount) which becomes a breach.

My concern would be why you have been short on two payments not even 6 months into your IVA? Were there some unexpected bills/expenses or is it due to budgeting? If so, if the current I&E realistic?

mrcactus

PrettyKittyKat wrote: »

The DD will bounce. You need to contact your IVA company asap to arranging making the payment you can make and an arrangement to pay the rest. It is common for this to happen and as long as your rectify it you shouldn't have a problem. Arrears are reported at an annual review but even if there is arrears as long as there is an arrangement in place to pay it that is suffice. The only exclusion is going 3 months in arrears (by amount) which becomes a breach.

My concern would be why you have been short on two payments not even 6 months into your IVA? Were there some unexpected bills/expenses or is it due to budgeting? If so, if the current I&E realistic?

I definitely thought I'd replied to your comment, obviously not :rotfl:

When you say 3 months in arrears, do you mean by the full amount each month for 3 months, so 3 full payments in a row?

Craig1981

3 months arrears are total for that, so if you hit £480 over a period (not necessarily 3 payments in a row)

did you manage to sort out your February payment as suggested?

mrcactus

Yes I sorted it all out now.
So if I was late paying again in a few months time for example, that would be a breach?