finding that my payments are killing me

[starboy]

can you help.my i am finding that my payments are killing me.If i started to miss payments what will happen.Could i go back on d/m and if so will i still pay the same as now

[rayb]

Hi Starboy,

I think your first point of contact would be to speak to your IP and explain the situation. They may be able to do a variation to lower your payments.

If you IVA failed which it will if you miss 3 payments you may be able to go back to a DMP but your payments may end up being the same.

[MelanieGiles]

The first thing to do is to work out a revised income and expenditure summary, so that you can show your IP that you are struggling and can discuss whether a reduction in payments is possible - either by agreement with the IP or by formal variation.

If this does not work, then the IVA may fail and you could then revert back to debt management - paying affordable payments in line with your disposable income.

[starboy]

thanks for your reply.if i went back on a d/m would my creditors be happy with that

[MelanieGiles]

It would depend on the circumstances, and the amount you would be proposing to pay them - but they would far rather this than see you bankrupt.

[David Mond]

How long have you been in your IVA?

[starboy]

Thanks for your reply.Ihave been in iva for19 months

[Adam Davies]

Hi
Speak with your IP and ask for a fresh income and expenditure form.Work out your disposible income and if this is less than your current IVA payments then ask for a variation meeting.
Good luck

[David Mond]

Andy is spot on. If you have any hasstle from your IP let this forum know. Good luck.

[emma_t]

Good luck starboy

I really hope you get a sympathetic ear from your IP as surely they understand the cost of living has risen.

Let us know how you go x

[creditcrunched]

hi starboy sorry to see you are struggling get on to your ip have you explored all avenues open to you like BR if you have no assets