This is my first post here , after lurking in the shadows , nice to know I'm not alone! My IVA started back in May , with an agreement on my variable salary set at an averge £2900 net , to cover costs ,and a contribution of £1077 , to my IVA ..yes a big debt at 49 p in the pound ..then I have fiances wage contribution to housekeeping etc as she not involved in IVA which helps.
My problem is that this month and this I feel in the current climate is not going to be the last month , my salary has plummeted , as I am a dental technician , and what with cosmetics not being a priority , the patients wanting work done have dropped significantly in the private implant market , and in areas of Kent and Surrey , that have in the past been a good market .
I phoned DFD who were ok but not really got to bottom of the fact that my net wage will be around £2200 , outgoings of £2010 as extra mortgage payment on variable standard rate for month , plus flats monthly maintenance payments . Leaves me not a lot to contribute to IVA , as well as live and buy some form of acceptable christmas presents!
I was thinking what complications cancelling the S/O for one month will be . I get paid on the 28th , and IVA comes out on the 28th . The girl at DFD said it would be an option but she also would not condone it . Also I worry that two more months like this then the IVA going to fail .
Before this work was fine and had no problem but seems everyone is tightening belts and a bit uneasy maybe till new year for their new smiles!
Well I have rambled on but i feel better! If anyone been in the same boat or have a flexible wage yet not self employed would love to hear from anyone ...Thankyou all:)
Hi Bryn.
I prepared an IVA for a financial advisor three years ago based on a net profit of over £60k and at the time it seemed prudent. He is now on less than half that and his creditors have accepted the variation. It was not his fault. It is not yours either and ask your supervisor to revert to creditors and seek a variation.
DFD are a very good firm and I would suggest that rather than cancel your payment altogether, you could send them what you can afford with an up to date income and expenditure. That way you will not have missed a payment entirely so you would not be a month in arrears.
Many thanks for your advice , and reassuring me that it really is not my fault , and also really hoping that the creditors can see that after six months of no major problems , the economy itself is the real problem . Rather ironic now that probably most of those creditors have been bailed out!
I have sent an e mail and a letter of the same to DFD , with a revised income and expenditure sheet . I have asked them about the feasibility , what with the future looking somewhat quieter to reassess my payments down until my review in April , of which then we will know more of the confidence of consumers .
I have informed them of the change of my S/O to £200 for this month. It leaves me with a deficit of £877 on my IVA and about £120 plus fiances contribution to live on in Dec . Plus of course not technically missed a month .
If I may I will keep you posted let you know more of their thoughts . They seem very fair on the phone and I cant believe with the current climate I am the only one seeking a variation . At least your poor old financial advisor client gives me hope!
Once again many thanks for your help Michael , and take care ..
