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| The independent answer to your debt problems | login join |
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sallyanne
| 18-05-2007 03:49 PM |
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Joined: 18 May 2007 Posts: 4 | Help. I started my IVA last year which just seemed to lift a wait off my shoulders. But now, I am struggling with my monthly contributions. In fact I think I won't be able to meet my payments. What should I do. I think if I mention it to my IP he'll just be unsympathetic. What are my options? |
| DW George | 18-05-2007 04:02 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Sally Why are you struggling with your contributions. If you are going to miss a payment because of exceptional circumstances, your creditors may be sympathetic to a one-off missed payment. If you fail to communicate your worries and fail to make payments you will be in breach of contract. That means that you could be forced into bankruptcy. So speak to your IP and explain your circumstances, he may even review your contribution level if you are struggling. |
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sallyanne
| 18-05-2007 04:08 PM |
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Joined: 18 May 2007 Posts: 4 | Thanks George. The reason I'm struggling with my repayments was that I had an accident with my car. The insurance covered it but I had to shell out for the excess £200 ouch! I'll phone my IP and explain. Ta |
| James H | 27-05-2007 04:42 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | Sallyanne Ask yourIP to review your income / expenditure details, making an allowance in expenditure for emergency or contingency expenses. This is common practice and will help deal with any future unpredicted expense without the worry you have endured on this occasion. |
| mallorca | 28-05-2007 02:18 PM |
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Joined: 28 May 2007 Posts: 17 My Profile | sallyanne - you should have paid the money for your car on your credit card and forget about it. |
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sallyanne
| 30-05-2007 10:29 AM |
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Joined: 18 May 2007 Posts: 4 | mallorca I don't have credit card they were all cut up by my IP before I entered my IVA. James Thanks for your advice I appreciate it. |
| James H | 02-06-2007 01:00 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | SallyAnne Let us know how you get on. |
