Hi
I really can't see any reason why they would reject it Peter.
If they did then you are back to square one and could look at an informal debt management plan.
Regards
the reason i think the br would be better is we are still struggeling living day to day even 4 months into the iva.at month 30 the iva increases from 290 to 748 assuming my wife can get a job by then.
As I said earlier, the letter from your IP will be very important in persuading the Judge to make an order. This should be a technicality once you are in default with the agreement itself.
How dangerous to increase your IVA contributions on the assumption that your wife will get a job. Which firm are you with?
month 1-3 £725 initial contribution
month4-7 £267 mat ben ceases
month 8-30 £290 company loan repaid
month 31-60 £748 wife returns to work
This is the 60 month break down
company loan was 6 weeks wages for changing from weekly pay to monthly pay repayed in 24 payments ,no intrest.The baby is 10 months at the mo but the likley hood of returning to work is remote due to child care costs.The ip was informed of this at the time of proposal.
A realistic review of your current finances, assuming that your wife will not return to work in the short-term, to see how much money you have available to offer to creditors on an ongoing basis. And then an approach to your IP to see if they feel that creditors will accept a variation.
If this does not work, I would seriously consider bankruptcy proceedings if you have no assets which would be at risk.
Write down all your income and expenditure, your circumstances (wife not returning to work), then phone your IP and ask for your payments to be reduced to whatever disposable income you have.
It will probably mean a variation meeting, as Melanie has said, but at least your IP will know how things stand.
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
if the price of living has increased which i would say that it has am i entitled to add more to my allowence for food,fuel ect...
If this is the case having worked out the income to out going my left over income would be 10 pounds per month.what would you advise?
IVAs have never been intended to punish people who get into financial difficulties. If there is ten pounds left after you have paid for living expenses then an IVA does not seem to be your best option. If there is no way of increasing income or decreasing outgoings it may be that bankruptcy is very attractive.
