6 months on!!!!!

[sad]

Hello all!

ive now been in my IVA for around 6 months, i was so relieved to finally get accepted! since then its been a uphill struggle, everything that could go wrong seems to have gone wrong, our car has had to have new tyres, exhaust, brakes, MOT, our boiler blew on christmas eve and we have never had time to buget for all these things. Ive had to start selling things on ebay to try covering the costs! which ive managed to do, my bank account looks a right mess, up and down, even gone into a small overdraft. What do i do next, im really worried about recieving a letter from the company that runs my iva asking for bank statements? does anyone have any advice

cheers

sad

[MelanieGiles]

Hi Sad and welcome to the forum

If you are stuggling to make your IVA payments, then they have been set too high. Your IP ought to have discretion to reduce the payments by up to 15% without recourse to the creditors, so it is worth producing a revised income and expenditure account to demonstrate how much you are struggling and to see if they would be prepared to reduce the payments to a more manageable level for you.

IVAs are supposed to bring relief to your finances not additional burden!

[sad]

thanks for that, its more to do with the extra's that have been thrown at me, that ive not had time to budget for?

[kallis3]

sad, sorry to hear about all your problems, but you are amongst friends on here.

Isn't always the way that when you are on a strict budget you need more! Gone are the days when the plastic could buy it for you. I'm sure you will sort it out.

[sad]

cheers for that! keep pluging away seems to be the answer

[Julie]

sad, have you spoken to your IP? Last week my car failed its MOT and I started stressing straight away. A couple of posts on here followed by a phonecall to my IP and it was sorted. Basically, I just sent the invoice for repairs in and had the cost deducted from this months IVA payment. I can make the shortfall up over the period of the IVA.

Try not to stress - we're all in the same position or have been at times.

[emma_t]

Hi sad

I would suggest having a chat with your IP and explaining that you have had problems with unexpected things going wrong like the car and see if they can offer any suggestions to get you back on track.
They maybe able to offer a payment break or reduced payment for a short time, you should really have spoken to them before you got into the situation of having an overdraft to see what they could have done to help but give them a call and explain and you may find them willing to help you.

I hope you can come to an arrangement with your IP and this will stop you worrying[:)]
With regards to them checking bank statements, have they said they will need them at your review? I send off my payslips every 3 months but not bank statements. You would have to check directly with them as all companies may have differing policies.
Emma x

[sad]

thanks

they have not asked me for anything as yet, but i just worry about these things before i should, think ill give them a ring, see what they can sort out, just worried that im going to get a telling off re the over draft thing!!!

[goulda]

I have read the above posts

surely the expenditure that has been mentioned should be itemised under "Car Maintenence" when caculating expenditure.When I had my last review I kept all my receipts for car expenditure for the year added them together and divided by 12 and this figure was accepted as my car maintenence for the coming year.

Anyone else any thoughts on thuis subject?

[MelanieGiles]

Sometimes things occur which cost in excess of the allownace - but yours is definately a good way of dealing with it Goulda and one I definately encourage my clients to do.