We are currently in an IVA which we have maintained the payments on for 1 year 3months. Given the general increase in the cost of living we have asked for a reduction in payments this has now been refused. Do we have any rights to appeal? As we are really struggling, we are considering Bankruptcy but I am not sure how this will affect my job., or our home.
You do need to try and sort things out with your IP - I think we are all suffering at the moment so don't know how things will pan out there.
If you decide on bankruptcy then you will have to let your IVA fail which will allow you to save up the fees which are currently £700 each and there is no guarantee that your house will be safe. I don't know what your job is so no idea whether that will be safe or not.
You will probably end up with an IPA which may be as much as, or even more than you pay now. Your credit rating will also be shot for a further six years from the date of the hearing.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You can always negotiate with your IP. Speak to the IP directly,n not an office administrator. A flat refusal is certainly in nobodies interests, surely there is room for compromise.
Which firm are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
