A Happy New Year to everyone here . Hopefully a prosperous one! I have been in an IVA since May 2008 . Been struggling with a reduced wage recently and in December could only pay £177.00 out of my £1077 of my IVA due to the general financial downturn and consumer condidence in cosmetic dentistry , seen as many not an essential as much as before .
Was a bit better but still down in December , paying the IVA in full , with help of reduced mortgage , but barely surviving in all honesty .
So asked for a review and getting my bank statements , payslips and income expenditure together , as things have been very tight recently with an average wage currently of £2660 down from £2900 .
With the fiancees set wage at £683 mine an average £2660 gives £3343 . All my outgoings with my IVA is £3307 .The mortgage has reduced by £200 , and will probably go down more as on a tracker with Lloyds which might be a saviour .
I'm not sure whether to fill everything in send it off and see what they say , or trying and muddle on hoping payments from the reduced mortgage might cover things until annual review in May .
I am a bit off the mark maths wise and if anyone has any comments on what might be a good way forward or been in a similar situation , if I should be going for a variation on those figures still , I would be most grateful ...thankyou:)
There is no point in muddling on with your payments if you cannot afford the full amount, as you will just fall further and further behind.
I would fill the forms in with all your current I&E and see what your IP says.
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
It will be absolutely essential for you to let your IP know what your current income and expenditure actually is, so you can negotiate a reduction in payments to a more comfortable level if you need to. Most IP firms will help you through this process, so why not give them a call and discuss this with them directly.
Both Kallis3 and Melanie are right. Contact your Supervisor (IP) now explain your changed circumstances and see whether he/she will propose a Variation for 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.
