myself and my wife are in an iva, we have been in now for 2 years, last november we had a change in our payments because we couldnt afford what they said, which was fine, so we dropped down to a level we could afford and the iva was extended by a year. but the creditors have put a 50% variation on us, which would mean any extra money we had per month we would pay them 50% of it. but in my case my salary changes monthly because i do shift work they are saying the variation is for overtime which i dont do, we were told last year that this extra money would just shorten the life of our iva, but in reallity we have been told the creditors keep it as extra, it seems to me that this is a backdoor way of them getting back some of the interest.
could someone please advise me if this is correct, because before we did the iva we paid people regulalry even though we couldnt afford it which included the interest, so im very unhappy that any so called "extra" money, like payrises etc. they are gonna swallow up and its not going to shorten the iva life. they have agreed a figure of £1325 per month to be paid till march 2012, so if i am paying that amount per month, why are they wanting more at the review stage and why do i need a review as i have agreed to pay this money. obviously if we had a windfall then thats different i would pay them and give them the 8% which it states in my iva.
it just seems to me that we are getting squeezed by them, and at this rate i am thinking of going bankrupt and that way nobody wins, cos u please give me some advice on what direction to go, i have spoken to our iva people and they are looking into it as well, but i wanted some outside advice as well.
thank you for any assistance
