help

[outofpocket]

please where can i go to get advise about an iva which is already running and not happy with? Is there an independent compamy who do not look at u as another way to make money. Need help as feel like saying sod it and walking away. I am in the armed forces and they seem to be hounding me for every single penny, no life what so ever. Would it be possible to make a proposal that the £969 we pay per month stays at that amount as we have already upped the amount by £89 in the first year and is starting to cripple us!

[Wizzard]

Hi OutofPocket
I'm sure someone will comea long with the correct info for you but in the mean time you could try contacting:-

The Professional Standards Office
Silbury Court
412-416 Silbury Boulevard
Central Milton Keynes
MK9 2AF

Tel 01908 248100
Fax 01908 546260

[plasticdaft]

Outofpocket,what company is your iva with?? How much was the debt to start with?

I am ex forces(RAF) and wish I had sorted my finances out before I left but was scared in case I got the boot!!!

[outofpocket]

hi plasticdaft,
we are with blair endersby and total debt was £62k but no stop of interest and the final figures are what we owe, hope that makes sense to you.

[kallis3]

I take it you mean you will be paying back 100% of your debts outofpocket?

[plasticdaft]

hi plasticdaft,
we are with blair endersby and total debt was £62k but no stop of interest and the final figures are what we owe, hope that makes sense to you.

By "no stop of interest" do you mean from when your iva started???

[MelanieGiles]

If your IP has set your payments at too high a level, and refuses to listen to you when you say that you cannot pay them, you can go to Court to have them reassessed. How much do you feel that you could comfortably afford?

[outofpocket]

hi melanie,
the orginal payment was for £870 which we were both happy to pay.and are still happy to pay but within the first 6 months they upped it by £89. it does feel like they made a lower payment to get our business.i know they will up it again because of a tour. we understand that you have to pay back as much as possible but when you are paying 50% of your income and only £250 less then what you were paying per month anyway and now over a longer period.

[MelanieGiles]

Why did they increase your payments after 6 months? If the IVA has become unmanageable, and the IP will not reduce the payments, you could either pay a lower amount which you feel you could afford and see if they are prepared to default you for that purpose, or simply end the IVA. As you have an ability to fund a reasonable contribution, you could also consider a DMP which would give creditors a good return and enable you to set the level of monthly payment rather than your IP.

When you do go on ops, you could then always increase the payments from your tax free element. Just a thought - and as your IP firm have recently started posting on this forum, they may also be able to assist you directly.

[Blair Endersby]

Out of Pocket

There will be a reason for the increase. Please email dierctly and I can look into the position. I can not comment with out the full facts.