I lost my job back in March '09 upto which point I was paying into my third year of an IVA. As I lost my job I advised my IP that I would be unable to make further payments until I got another job. During this time the IP switched to a different company who advised me that they would now handle my account. It has now been 7 months since I made my last payment and I haven't heard anything from my IP. Have they lost my account during the switch over? I have recently started a new job that pays three times less than what I was on and have absoleutly no disposable income, what do I do? Should I call them or just ride it out?
I do agree in that it really sounds as if nothing is happening. However I suggest that you try and get hold of your IP as, no doubt, your IVA will contain a clause failing the IVA should three payments be missed.
If you have no disposable income, it is unlikely that you can continue with an IVA or deb management plan. I suggest that you give serious consideration to bankruptcy.
I have given thought to BR and feel that this is the only option. I just find it really weird that with 7 payments missed that they would have contacted me by now to let me know that the IVA had failed. I'm not too sure on how BR works, does the IP take proceedings to BR or do I?
You would need to petition for BR but you can only do this if your IVA has definitely failed. Some courts need the failure certificate proving the IVA has failed, others will accept a letter from the IP.
In any case you should call your IP and find out what is happening. Not being chased by creditors is definitely not normal so you should find out what is happening with your IVA.
I agree that you need to contact your new IP. After this length of time it is highly likely that you have defaulted, and they should send you a letter informing you of this.
Once you have this letter then you will be able to petition for BR.
Has my IP forgotton me?
Posted - 25 September 2009 : 10:47:29
