I am now in an IVA since May. I am able to keep up the payments but I am starting to experience difficulties. I don't have a life to say the least. I am unable to send money to my parents who are my dependents and this is making me miserable. The money that I left with them before has now dried up with the change in the world's economy. I am uncertain whether I can ask for modifications at this point to include my parents expenses in the budget and to adjust my contributions to make it easier for me. If I do overtime work, half of this amount after tax will go to the creditors as agreed. This is making me feel really horrible now and am not encourage to do overtime. I am back to being stressed out with the situation. I earn approximately £1800/month and £874 of that amount goes to my IVA. I am not sure if I can keep up with this as my parents are now a priority and I have to send them money otherwise they will starve. Is it possible to start renegotiations and/or change IVA providers? Will the amount that I have already put in be carried over if in case? Can you help me understand more? Please. I initially owed approximately £80000 to about 10 different creditors (credit cards, overdrafts and loans). Is it possible to reduce the amount of contributions? What do I have to do?
Firstly, it is nigh on impossible to change companies without a court case and it would cost a lot of money.
You need to speak to your IP and inform him that you are experiencing difficulties. He can ask for a variation on the amount of contributions you make.
Did you mention having to finance your parents when you went for the IVA? If not, you are obviously going to have to mention it now.
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
I am assuming that your parents live abroad? Could you clarify that point and tell us whether any provision was made for this in your IVA, and whether you discussed this with your IP.
Support from a child to elderly parents would rarely be considered as a reasonable expenditure allowance by creditors, so if this has become a priority for you, then maybe you ought to look at other options - but be advised that this would also not be allowed under bankruptcy proceedings.
