If they can't reduce the payments, then you will have to tell them that you can't afford to keep up the payments.
I'm not sure if they can fail you then, or if you have to have three missed payments still.
BR is not as bad as it used to be. You will be discharged, usually in 12 months and may have to make payments for 3 years, depending on your disposable income, and it will drop off your credit record after 6 years, the same as an IVA.
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 dont think switching from and IVA to BR is likely to cause you any more harm and given those facts remember that when conversing with your IP or their team, that the only thing that can happen if the iva fails is for you to go BR.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
The only thing is that the 6 years starts again from the date of the BR, so your credit record may be shot for a bit longer.
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 have the name of the person at Grant Thornton that you need to speak to, but obviously do not wish to post this on this thread.
They have seen your post and are anxious to help you resolve the issue. If you send me your details to my website, I will forward your enquiry to them directly.
I have one other concern. How do I show my grocery expenses to my IP? I have already asked them this question but have not got a proper reply. I don't always show at Supermarkets. I buy from markets etc and have no receipts to show for it. What happens then when it's time for my annual review?
I didn't have to provide any receipts when I set up the IVA, and I don't do all of my shopping at supermarkets either. I use my local butcher and my local pet shop as well, neither of whom provide receipts.
You will just have to put down what you spend and leave it to your IP to decide if they are happy with the amount.
My review will be coming up shortly, so I shall have to do the same.
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
Your expenditure is based on CCCS guidelines and unless you have special reasons that your IP has agreed with you for expenses you won't need to keep receipts for everyday expenses. Take up mine or Melanies offer to get your individual IP to discuss these points with you.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
GT agreed to review my case. Quick question. Is £200 for basic groceries, toiletries and household goods a reasonable budget? And what happens if I land a really good job that enables me to pay off not just the IVA but entire loan amount within a few years? My Case Supervisor tells me that if this were the case I would have to pay the loan back in its entirety including any interest that may have been accumilated over the months I was in the IVA. Is there any other way?
Cheers.
GT are right that if you get a job with a much better salary, then obviously your payments would go up. If you were in a position to pay the whole amount off, then that would include statutory interest on top of the loan amount.
The only other way round it would be to let your IVA fail and then pay the total amount back to your creditors, but once the IVA fails, then they would probably add interest of their own, which might be more.
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
If you are a single person, I think that £200 per month accords with CCCS guidelines. As to whether it is reasonable, that would depend upon what you actually spend.
£200 is for myself (which is twice of what I had originally declared). In addition to this I have my travelling (public transportation), healthcare of about £40 (non NHS as NHS don't seem to think much of it), my rent and a few bobs I throw in for the family I am staying with (as they are close relatives). I am just looking for opinions before I submit my budget.
The idea is for you to put down exactly what you actually spend. The IP (or a member of his/her staff) will go through this with you to see whether it falls in the CCCS guidelines.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Don't forget how things will have gone up as well, things like haircuts, dental, lunches for work etc.
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
HI
I ONLY GET £140 FOR GROCERIES PER MONTH WHICH IS NOWHERE NEAR ENOUGH AS I AM 6FT5 IN HEIGHT AND HAVE A BIG APPETITE, IM NOT GREEDY EITHER BUT APPX £35 P/W FOR FOOD AND TOILETRIES ETC IS NOWHWERE NEAR ENOUGH, I MEAN, HOW CAN THEY COMPARE ME TO SAY, AN 8ST WOMAN WHO EATS HALF WHAT I DO. I CALLED MY IP AND WAS TOLD THAT NOTHING COULD BE CHANGED IN THE 1ST YEAR, THINGS LIKE THIS SHOULD BE TAKEN INTO CONSIDERATION IN MY OPINION, ANYWAY, MY 1ST REVIEW IS COMING UP SO I HAVE ADDED EXTRA ON TO MY SHOPPING ON THE I/E FORM SO WILL WAIT TO SEE WHAT THEY SAY
