I thought I would say a quick hello to you all. I've been reading on here for some time now and thought I would get up the courage to post.
We are a little over 3 years into our IVA. We are currently struggling with day to day costs as i'm sure you all are. Our repayments are not what is crippling, its the day to day things such as food shopping or heating bills, etc, etc.
I have spoken to the team at our IP's and it seems that to have a chance to lower our monthly contributions (so that we don't have to struggle with a view to fail) we would need a variation meeting at a cost of £600. I fully accept that this is a service we are paying for and one which basically saved our skins at the time so I'm not too bothered about that. It's just the thought of having to pay for an extended period. Whilst I love our IVA, it can feel rather like a ball and chain at times and I'd rather be 'unlocked' sooner rather than later.
The Family are desperate for some fun and I guess I (well we) feel guilty that we can't provide. They see all their friends going on their hols and although they do understand that we don't have a lot of money, I don't think they understand completely.
However, I've had my little gripe and I shall stick around, I just wanted to pop up and say hi.
If you are struggling with your payments, and this is affecting your quality of life, and you have the opportunity to reduce your payments to make the IVA more affordable, this must be worth of further consideration. Why not sit with your partner this weekend to reassess your financial circumstances - detailing out all income and expenditure to see if you really are managing those payments at the current level.
You Have a valid point Melanie, thank you for your reply. you too Mrs Skint (excellent name)
I have spoken to my Husband and he assures me all will be fine, however I do tend to have the iron rod so I think a long chat with him is in order. After a long afternoon and some serious thinking, I feel we need to perhaps go down this route and just 'live' like this for a little longer.
I try not to talk about our worries is front of the Kids so will have to talk to him properly once they are safely out of the way.
Welcome from me too, and I hope you manage to get your finances sorted out soon.
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
I think it's worth pointing out that although you have been advised that it is going to cost £600 to convene a variation meeting, it does not mean that you are going to have to lay your hands on an extra £600 to pay to your IP before the meeting can be convened. You may already be aware of that, but I mention it just in case you weren't.
Your creditors ought to appreciate that peoples circumstances do change and particularly in the current state of the economy.
You suggest that it is not the IVA payment that is crippling, but the other day to day expenses. But one has a direct effect on the other.
As already suggested above, sit down and review your income and expenditure and determine what you can realistically afford to pay each month. If that amount differs from what you are currently paying, then provide that information to your IP who will be able to suggest some alternatives, whether it be asking creditors to accept a lower monthly payment for the remaining duration of your arrangement or extending the term of the IVA to compensate for the lower rate of contributions.
The IVA has been up and running for 3 years and if you have not breached the terms of the arrangement in that time then no one can deny your commitment to the IVA can they.
