I am struggling

[shaun.h]

I have been paying into an IVA with the Debt people for the past 14 months
Is there a way to reduce my payments as I am struggling and cant bear to think I have just under 4 years to go. My IVA does not take into account a holiday or birthdays and Christmas so I never have any money to buy presents.My IVA has been reassessed but my payment have not been reduced.
Thanks

shaun

[Skippy]

Hi Shaun and welcome to the forum. I know exactly how you feel, as I was in the situation where I couldn't afford my IVA contributions. Have you asked your IP if it is possible to vary your contributions? Whether or not that is possible depends on the terms of your IVA. Mine had modifications stating that there could be no variations within the first 24 months of the IVA (quite common apparently) and a second modification stating that payments could never fall below 27p in the pound.



Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi Shaun
We hear this quite often on the forum and it,s a reminder to people contemplating an IVA to ensure that they give themselves enough each month to"live"on.
I,m afraid that holidays cannot be built into your living expenses,but its reasonable to build in a fund for xmas and birthdays if you have children.
You need to speak with your IP about your situation,they have a duty of care for not only your creditors but for you also.
See if they can propose a variation meeting to lower your payments.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Sadsack]

Hi Shaun

I have found myself in a similar position as my salary tends to fluctuate on a monthly basis. Andy is correct in saying that no provision can be made for holidays but i am sure if you speak to your IP, they will help you. When I spoke to my IP about not being able to afford the payments, they suggested I put in writing to them, my current income and expenditure as well as a proposal for a variation.

Hope this helps

Sue

[MelanieGiles]

Work out a revised income and expenditure account and submit this to your IP for further guidance. I personally would not recommend that you mention Christmas and birthday presents, but suggest you explain that your housekeeping budget is too low and then this should cover those items which your are missing out on.

Did you feel the budget was realistic when you entered into your IVA, or were you pushed into making a certain level of payment by your IP/creditors?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk