I am in an IVA on my own, my wife has had here wages cut by around £250 a month so our house hold income has dropped! My IP states that i can still afford the amount i pay, he has just altered the income and expenditure sheet so the figures state, i can still pay, IE, house maintenance was £25 and now £5, Car maintenance was £15 now £0 and lots more. We have had some items taken off altogether, is their some Government standards (minimum amounts)and where can i find these!
There is a minimum standard I think cause they told me mine was going up cause my sky package is above the standard that they set. I find it quite hard to actually live in a Iva. Has we cant save or go on holiday. Has there is no extra money there its crazy really so much
This isn't right .... your I&E should be based on affordability and your expenditure needs to be set at realistic amounts to provide you with best chance of succeeding.... I would ask for a full review.
There are expenditure guidelines that your IP should follow but these are only a guide .... having no contingency or car maintenance is simply going to make it harder for you to continue your iva.
I would urge you to speak with your IP direct and seek there help .. it maybe that a caseworker has completed the review abd come to the wrong conclusion
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
When my income went down, they did not adjust my expenditure, I think they can lower payments by 10 or 15% without needing permisson from creditors. Sorry to hear this I know the expenditure bands are not overly generous (which is fair enough) but to have them cut right down must be very difficult.
Hope you can get something sorted.
There are no official standard allowances, but most firms use the StepChange guidelines, which give a range acceptable to creditors. However, these are only guidelines and, in some instances, you will spend more on a given allowance than stated -- often petrol. As long as the "overspend" can be supported with evidence it is usually OK.
What is your current monthly payment ? In theory, your payment should have been based on your wage only, with your wife's income only used to determine your share of expenses, so shouldn't have that much of an impact ( on paper). Your share of expenses would go up, not down!
How long have you been in your IVA and who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This sounds wrong and you need to speak to the IP directly. There are Stepchange guidelines as Foggy says which most firms use and you cannot be expected to operate below acceptable standards as the IVA will only fail anyway.
