Changing payments

[BECKY]

I am £47k in debt and am 8 months into my IVA . I am really struggling with the monthly repayments. At the current repayments I will pay back £22620 in total, is it possible to change payments once the IVA has been started my agreemant states that I will pay 26p in the pound.

[MelanieGiles]

Hi Becky and welcome to the forum

It is possible to amend your payments whilst you are subject to an IVA, however this can only be with the express agreement of your creditors, so a new creditors meeting will have to be called and another vote taken on your revised proposals.

Can you explain why you are struggling to make the payments now? And have you advised your own IP about the problems you are experiencing?

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

[BECKY]

Im self employed and the proposal was made on the premise i made £800 a month but some months i dont come home with more than £600. My repayment is £342 but then i've got rent and living expenses to pay out as well.Ive tried callin my IP but shes never there and never gets back to me.I know my problem pales in comparison to what others are experiencing but its makin me ill!!

[Sadsack]

Hi Becky
I can understand your frustration at not being able to contact your IP. Do you have an email address? At the very least, you will have on record that you were trying to get in touch with them. Alternatively, writing a letter to them might get a response.

Little comfort, I know, and teribly long winded, but hopefully it will generate a speedy response.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[iva experts]

Hi Becky and Welcome to the Forum,

Sorry to hear that you are struggling, you are doing the best thing by contacting your I.P as they are they only ones who can put forward a revised proposal to your creditors.

Please keep trying to contact them (even if you feel like you are bugging them) as it is important to get this underway as soon as possible.

Best Regards. IVA Experts

[BECKY]

ive emailed her on several occasions but then she writes askin for pay slips knowin i dont get any as im self employed ive sent copies of my accounts but thats as far as i get

[BECKY]

Right just been to pick the brains of the financial advisor that works next door. He said that as I am lucky enough to have retained both my bank accounts i should use one solely for my iva payin in enough each month to cover those repayments and keep the other for all my other outgoings payin in whats left of my wages. Then after 6 months send the account statements to my ip so she has evidence that the payment im makin into my iva is coursing me to struggle. what does every one think? is this a good idea?

[MelanieGiles]

Can't see the need for two accounts! But the principle of keeping detailed records of your actual expenditure, compared to the provisions made in the IVA is commendable - and can be used to demonstrate financial difficulties to your client.

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