Don't Need the IVA anymore!!

[Ryan84]

Hi,

I have a question i hope someone can help me with..
I signed my IVA last year while in a desperate situation, usual story really - charges every month.. 14k Low monthly income - the stress, depression and someone on the phone saying - "An IVA is perfect fot you" bah..

i struggled for months until I got a new job.. this was after everything was secured and sorted with the IVA which was great and more money - an extra 4k a year.. It helped and i didnt tell my IP..

Then in Feb i got a promotion and thats now went up an extra 10k, on top of the 4k!! (28k..) -

I don't know when my review is due to come up but when the IVA finds out - i can assume they are going to increase my monthly amount.. This worries me as i still find my self struggeling with money.. every month my account hits £0.00 before Payday..

I wouldnt have signed the IVA if i'd known i would sort my self out and i most certainly am not willing to double the amount im paying them..

as far as i know, the only way out of an IVA is bankrupsy - which would make no scense for someone who can afford to pay the minimum..

I don't own property or anything, can't save..
I now travel with this job.. I had to buy a car (which they don't know about either) - the car needs repairs.. fuel is so high priced.. rent has went up.. etc etc..

I dunno what to do..

Can anyone shed some light on the situation?

[xx(]

[freelili]

Hiya

~All I can say is to phone your IP, tell all and take it from there.

Do I read correctly that you only owed 14K? If so I am suprised that IVA was the best option as most companies insist on 15K plus.

I can understand where youre coming from but to be fair your company took you on and trusted that you would be honest about everything, the creditors agreed on this basis also.

I am sure there is a way forward here, your extra expenses should be taken into account etc.

Good luck.

[rayb]

Freeli - he means he was on 14k low salary.

Ryan84 - I think your IVA is going to be failed as you have not been honest with your IVA people and after all you have had the benefit of paying less in to your IVA when you should of contributed more. I think you will struggle getting bankruptcy as you have the means to pay

[freelili]

Oh I see, so sorry.

[Viki.W]

Hey Ryan, welcome to the forum. I would just be honest with your IP, if you have your annual review coming up then all these things will be discussed. I'm sure your IP wouldn't want it to fail. You will need to do a fresh I&E and take it from there. Please let us know how it all goes, good luck, Viki X

[plasticdaft]

If your income has gone up that much where has all the extra money gone or were you paying too much into the IVA in the 1st place???

Dont try to hide anything from your IP,its a dangerous thing to do.

[Ryan84]

I wasnt trying to hide anything from them.. I just didnt pro-activly tell them i was now earning more money..

Now im worried that they'll see it diffrent and cruicify me..

Im not a dishonest person.. i work incredibly hard and although im better off than i was when i signed the trust deed.. im still struggeling..

can anyone explain the term "going to be failed".. does that mean they will push for BR?

that doesnt appeal to me..

But then again, neither does working my crazy hours to have my trust deed take more a month than i would have been paying my creditors indipentantly!..

[Viki.W]

Ryan, I really think you should make that call today to your IP because otherwise you are just going to go mad wondering what will happen. I can't see your IVA failing if you can come to an agreement on your income and expenditure. I'm not an expert but I'm sure Melanie or Andy will be along later to advise you. X

[rayb]

Got to be honest though Ryan that is one hell of a payrise to not inform your IP. Unless you can gobble up all your extra income on income and expenditure your payment is likely to increase come review time. Why did you not inform them just out of curiosity??

[quark2008]

Hmmm,#13;#10; Your pay rise alone would pay nearly all my debt off.It must be nice to earn all that extra cash in such a short space of time. I can understand after the struggle you wanting to hold on to the cash as much as possible for as long as possible. #13;#10;#13;#10;#13;#10;I'm not going to judge at all. Read some of the posts people are writing as they struggle like hell, they deserve nothing but respect and support as they continue through their journey, and i bet some would give their right arm to be in the position you are in now, hoesty and openess is key.I am learning a lot. 14k ? Grrrrrrrrrrrrrrrrrrrrr

[Sarah]

Hi Ya

I was in exactly the same situation i was on a low wage and then since being in the IVA my wages hvae increased significantly. I told my IP straight away but the thing you need to be careful of is the 50% clause of anything extra that you earn you could be hit with this when it comes to your review i would suggest that you start saving for this now. The plus my IVA payments have doubled in 2 years and will increase even more but alothugh as you say you dont feel like you need the IVA anymore the major benefit is with the extra money you may have be able to pay off your IVA early (obviously this will depend on the circumstances)

I hope this helps

[Ryan84]

to be honest.. I dunno why i didint pick up the phone and tell them.. I guess cause at that point i'd missed one or two initial payments and i wasnt entirely popular with them..

If only i'd just held on for a couple of months, i wouldnt have needed it..

The thing is, my job just expects me to drive/fly off to customer locations for weeks at a time, and although they pay all the expenses the following month, they expect me to have it in the first place..

So far ive managed but BEARLY and reliant on people around me to help me out..

I don't think my company would be very understanding if i told them i was liability when it comes to money..

Im not, but at one point i was.. thats how i got into the mess..

If the trust deed takes a huge whack off my salery - i could loose my job, being unable to make these (drop of a hat) trips..

[Ryan84]

whats the 50% clause?

[freelili]

The way I understand it and I am not an expert here, is that your IVA is an agreement to pay xxxx over its term which you agreed to and they write off the xxxx amount that you cant pay over this term. However, if you get money from overtime/bonus its then subject to you keeping 50per cent and paying over 50 per cent to them. I think the ratio has changed recently to 10/50

Since its all done on an individual basis then the only person who can really help you now is your IP. I dont think you have a leg to stand on and wouldnt have thought it would be that easy to declare BR. With that said, your IP and company would lose out if they failed the agreement. Best to bite the bullet and see what they say. The need to be flexible with regards to work expenses has to be recognised.

I wish you the very best.

[Ryan84]

Thanks Lily..

I think i'll hold off telling them till my review and play ignorant.. Sounds dishonest but if i tell them now, then they could cripple my budget as of next month..

which would be checkmate..

Ideally, what i'd like to do is cut the IP out of the situation all together and approach my creditors directly.. As i understand it (Now) though, thats not possible..

and Quark - i didnt mean 14k was a crappy salary.. Just felt like it at the time with my crazy outgoings..

23, and i have an ulcer because of debt (litterally).. ahh this is the life