i am struggling to make the agreed payments

[chris.j]

i have an iva and i am 1 year in i am struggling to make the agreed payments and now the practice wants more. my income or outgoings havent changed. can i switch iva firms? can you help

[MelanieGiles]

Hi chris j and welcome to the forum

Why does your IP want to increase your payments if your income and expenditure has not changed? This does not make sense, and unfortunately you cannot really change IP's. have you submitted a statement of your current income and expenditure to creditors, and why are you particularly struggling?

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

[iva_squirrel]

Good morning Chris,

I am afraid you can not change your IP. It is very important to keep up payments into the IVA once it has been approved. Could you please tell us why your IP wants to increase your IVA payments?

I suggest you contact the IP urgently if there is difficulty making a payment. It is better to have acted helpfully than to have hidden from the issue.

Regards,


Julia Simavi

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[iva experts]

Welcome to the Forum Chris,

It is possible to change IVA companies but it is very expensive and very difficult. Unfortunately you cannot change I.P firms just because they have asked you to increase your payments.

An IVA is based on your income and monthly expenditure, if these have not changed I am not sure why your I.P is asking you for more money. What was there reason?

Best Regards. IVA Experts

[ray_a]

Hi

I think you should write to your supervisor and give him a clearer financial picture of your income and expenditure.

This will then be assessed and it might be that you can vary the IVA !

If you could provide us with some more information on your situation I am sure you can help.

[chris.j]

hi all thanks for your advice. when my iva was approved the figure i am paying was considerably more than the proposal as creditors would nor accept the proposal, i am in reality paying 44p in the pound. the ip is now saying the schedule for the next 12 months is an amount 90 pounds higher than at the moment, things are tight at the moment so there is no way an increase can be met. i am hoping a reassesment of income and expenditure will show this as neither has changed please let me know your thoughts ta chris

[Magic]

Hi Chris
Please check every single item of your expenditure make sure you have not missed anything - make sure you have allowed enough for petrol car tax insurance pets etc better to be over than under!make sure that the company has your income correct and they have not made a mistake with the figures and that neither have you - an iva is hard i'm in one - check everything 2 or 3 times you may see an answer to put to your IP
good luck

[lily]

Chris

If your payments are to rise, what is the reason for this? I just do not understand, I thought that the agreed amount would not rise if the income and expenditure were static. Unless it is known that the IVA pot could increase at a date when a known expense is going to be made availible, ie ending of a car HP, which would offset the extra cost.

What company are you using??

lily

[chris.j]

blair endersby is the firm i am using. i have nothing ending to change expenditure and still have 2 dependants

[MelanieGiles]

Where do they get the extra £90 from, as they can only be working from the figures you have provided. has your salary increased during the year? If you want to post details of your current expenditure, we may be able to make further suggestions for you.

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