Hi, new poster. If your outgoings increase quite substantially

[jazz]

Hi, new poster. If your outgoings increase quite substantially and you reduce your payment-do you have to increase your term?

[Julie]

Hi Jazz and welcome to the forum,

Your term maybe extended but it really depends on your circumstances. How long have you been in an IVA and why have your outgoings increased?

[Shining]

Hi Jazz welcome to the forum from myself too.

[jazz]

Hi, I think I was a bit naiive when I agreed to the I&E that was finally submitted. E.g my water bill is £81, whereas my allowance is £25! (we hadn't been in the property long so it was difficult to say what the true outgoings would be). We run 2 cars and the costs are far more than the allowance states. I contaced Payplan but they said that if I reduced my monthly payment I would have to extend my term. Really don't want to do that. I'm almost through year 1 and to extend would totally depress me!
Have read my chairman's report but it doesn't mention anything along the lines of guaranteed dividend. Perhaps it was in the proposal, I will have to check.

[Shining]

Now you're almost a year in you will be completing your annual Income and Expenditure, make sure you complete this as accurately and honestly as possible as then they'll see what your actual outgoings are.

A lot of us are naive when entering into an IVA which is why we should always take 2 or 3 opinions from different IP's before choosing one with whom we need to work for the next 5 years.

Definitely ask for a new income and expenditure sheet and keep in contact with your IP and take it from there. x

[Julie]

How much less will you be able to pay into your IVA, according to your new ( and realistic) figures?

I'm sure one of the professionals will come along and advise if an extension can be avoided.

[jazz]

I currently pay £815 pm. When I completed a new I&E online via payplan it calculated my surplus income as around £650. So far I've sold just about anything of value to get by including my engagement ring but I'm getting stressed with the whole thing as I don't want it to fail!! I won't be able to make this months payment for a whole list of reasons and I'm worried what they will say when I tell them.

[Julie]

Jazz, your IVA obviously needs to be adjusted. An IVA is supposed to be a manageable way of repaying debt and you shouldn't have to sell anything to survive.

Can you make any payment this month? Don't be afraid to talk to your IP and explain your struggles. Remember your IP is there to help you and make sure the IVA succeeds.

If you don't feel up to talking to them you can always email them direct.

Please don't get stressed over it xx

[Shining]

It should be an affordable debt solution not one whereby you're selling your possessions especially your engagement ring.

Do talk to your IP and explain everything in full. I sincerely hope you get something sorted very soon x

[jazz]

Thanks for your support. I have been following the forum for months now, it is such a great support network. We have 2 mots to go through, road tax, 2 new tyres, hotwatertank repair etc, etc. I'll call them Monday, but I feel that they are more interested in the creditors than me I'm afraid

[Julie]

Jazz, you are paying your IP fees so they will act for you.

In time, during the IVA you will be able to build up a contingency fund and then these repairs won't hit you so hard.

Just be strong and present your case. You must be able to live in an IVA.

As you probably know by now, this forum will support and advice you all the way. Please keep posting xx

[Hugo]

Jazz

Ask to speak to your IP directly (name detailed on your correspondence) not your 'case officer' or their 'supervisor/teamleader'.

Having read all about IP's and their duties etc on pamphlets supplied, I was initially (naively) under the impression that was the person I was dealing with/speaking to!
Do the 'case officers' etc have recognised qualifications?

regards

[Adam Davies]

Hi
I think no is the short answer to that Hugo
Jazz you must speak with your IP and get the payments reduced, hopefully your IP will have the authority to reduce your payments by 15%without going back to your creditors. Sounds as though your IVA was doomd to be a struggle from the start
Regards

[jazz]

Thanks guys! Do you think they would make me extend the term?

[Julie]

Not necessarily Jazz...your IP should be able to show creditors what you can afford to pay back over the agreed time.