hoping that I'm worrying unnecesarilly

[enquirer1]

Hi all,

A quick question re my IVA agreement. IVA was agreed in May 06, although we started paying CS from Jan 06. Our initial payment was £954pcm and rose to £1062 following our 1st annual review. With overtime and pay rises we have paid in a total of £4104 over and above the agreement to date (currently sending an additional average of £300 monthly). However, I'm worrying because our agreement states that we will increase our payments into the IVA by £387 pcm from August 08 when my payments to the CSA in respect of my son from my former marriage come to an end. The problem is, that when I signed up to the IVA that was correct, but subsequent changes in CSA processes mean that payments to them will now continue until August 2011, his 19th, rather than 16th birthday. Although we've managed to increase our payments significantly since the IVA began, I'm concerned that failure to pay in the CSA money (because we can't) might result in the IVA being failed. I'm hoping that I'm worrying unnecesarilly, especially as if we continue to pay at the current rate we'll be close to having settled 100% of the original debt by the end of the 5 years... but it is worrying me neverthe less. Any advice gratefully received.

[Adam Davies]

Hi
Your IVA will not fail because of this.
Your IP may call a variation meeting to explain the change,that is out of your control,but may not bother as you are paying close to this amount each month and the original proposed dividend will be exceeded by all accounts.
Just let your IP know the changes
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Martin2011]

Many thanks Andy, that is reassuring.

Martin