Can you help? I am really finding this hard

[starboy]

hello CAN YOU HELP I WAS IN A DEBT MANAGMENT PAYING IN £260 A MONTH IVE SINCE GONE INTO IVA PAYING £480 A MONTH I AM FINDING THIS REALY HARD WHEN AT FIRST THERE SAID £260 IS ALL I CAN AFFORD BUT THEN IVA ARE SAYING £460 I AM REALY FINDING THIS HARD

[DebtDummy]

star2, you would be finding it difficult to understand why it is when you only have £260 left at the end of the month the IVA wants you to pay £460 which obviously you don't have. The answer maybe the insolvency practioner fees for arranging and managing your IVA.

Seek professional advice. Contact the CAB and google CCCS and National Debtline to find out all of your options. You didn't mention the amount of your debt. Is the amount small enough to be paid back through a DMP in a timely manner? Do you own a home that has equity and could be refinanced or sold to pay creditors?

Someone will be along shortly who can advise you further. In the meantime please contact the above professionals they will assist you. Take Care.

All I have left is my humour.

[accgroup]

Hi Star2

Have you discussed this with the person advising you about your IVA? If your IVA has not been approved by creditors yet you should not agree to paying this amount if you cannot afford it. If your IVA has already been approved and this amount was agreed by you you should call your IP ASAP to go through your income and expenditure to try and establish why there is such a major difference.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[starboy]

thankyou for your reply my debt is 45.000 i dont own my house.Is it to late for my payments to be reduced my iva started in jan

[tracy.h]

If you go back to your ip and explain that you are not copeing with the payments then hopefully they can put a veriation meeting forward and help ease this stressfull situation,but im no expert im sure they will come and advise you of all the options available,it just seems a big difference in your surplus income from your dmp to the iva.
I hope you can find a solution to your problem and remain in the iva.Goodluck

[MelanieGiles]

How on earth does £260 suddenly become £480? Who is advising you here as this is ridiculous unless you have had a change of circumstances. How was the £480 calculated - as this should be based upon your own figures and not ones conjoured up by your IP.

Has this gone through a creditors meeting yet? And if so was it creditors modifications which have led to the increase? If so, why did you accept to pay something which you could not afford?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[starboy]

HELLO ONCE AGAIN THANKYOU FOR YOUR THOUGHTS AS I SAID IT HAS GONE UP FROM £260 OA DEBT MANAGMENT TO £460 WITH A IVA MY CREDITERS SAID THERE NEEDED SO MUTCH IN THE £ I THINK ALL MY CREDITS WHERE HAPPY WITH THE FIRST AMOUNT BUT ONE WAS NOT SO THERE RANG ME AND SAID THAT IF I DID NOT AGRRE WITH £460 I WOULD NOT BE ABLE TO GO IN A IVA

[tracy.h]

I dont understand how your ip could expect you to be able to find another £180 a month surely they had your income details and could see there was no way you would be able to make these payments,it just doesnt make sense.
How have you found the extra income for the last 4 months,have you spoken to your ip,if you havnt then i would as soon as possible,to try and sort this strange situation out,did you actually agree to the modifications,as melanie says if so why.
I really do sympathise with you and hope you can find a solution to your problem,keep posting to let us no how you are getting on.
You will always find support, and good advice from the experts on this forum

[MelanieGiles]

This is irresponsible on the part of the IP to put you into an IVA which you so clearly could not afford to service. Where was the other £220 going to come from? Did they discuss this with you at the time?

Do you have any assets which would be captured under bankruptcy proceedings? If not, then I would seriously consider this as an option to have a fresh start. You will not cope with the pressure of worrying where the next payment is coming from - and should not have been put in the position in the first place. Failing that idea, you can always revert to a debt management programme.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[starboy]

HELLO JUST TO GIVE YOU A UP DATE I HAVE TAKED TO DIFFERANT DEBT PERSON HE SAID THE DEBT I TELLED HIM HE SAID THAT IT WAS TO MUCH AND SAID I SHOULD TALK TO MY COMPANY AND TELL THEM IS IT RIGHT THAT I CAN CHANGE MY IVA TO SOME ONE ELSE

[tracy.h]

Hi star2,as far as i understand once you are in an iva you cannot change your ip it is a legaly binding document.
You will have to talk to your ip and see if you can sort this mess out.Im sure one of the experts will advise you further.
Good luck

[MelanieGiles]

You can only change IP's by order or the Court or with the express resolution of creditors. Which is why it is absolutely essential to choose the right advisor from day one.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[starboy]

THANKYOU FOR YOUR ADVICE CAN I ASK YOU PEAPLE ARE SAYING AM PAYING TO MUCH I KNOW THAT WHAT ADVICECAN YOU GIVE ME WHEN I TELEPHONE THEM ANDSAY I CAN NOT AFFORD THIS CAN THERE JUST TURN AROUND AND SAYYOU WILL HAVE TO

[MelanieGiles]

Well I suggest that you tell them that you are no longer going to pay any more contributions at the higher rate. See if they feel if a variation is possible, and if not I suggest you seriously consider bankruptcy proceedings. This IVA is never going to work, and it is a shame that you agreed to pay something you really could never afford.

Which company is supervising your IVA and who was your debt managment agreement with?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[starboy]

HELLO ONCE AGAIN THANKYOU FOR YOUR ADVICE. THE FIRM WHO I AM WORKING WITH ARE BLAIR ENDERSBY THE DEBT MANAGMENT WAS BAINES ERNST I PHONED THEM AND SAID IT HAD TO BE SO MUCH IN THE £ FOR THE CREDITERS TO ACCEPTED THERE SAY THERE CAN SEND A FORM OUT TO SEE WHAT IS COMING IN AND OUT CAN SOMEONE TELL ME CAN I GO BACK ON DEBT MANAGMENT