Recently, My IVA was taken over by a different company.
I had my review last month. And whilst the cost of living has increased by alot more than my pay increase, I proposed to carry on paying the same amount, rather than asking for a reduction in payments. I explained in a covering letter that for the past few months I have been having to work overtime simply to live (and by live, I mean just pay the bills and eat. I have been out 3 times this year, and not had a holiday since 2002)
Therefore, my income has been greater than that quoted on my last review. But that also, my expenditure has increased by £166 per month since last review.
I am frequently left with just a couple of pounds to last me the week before pay day, and would not be getting through this IVA without the help and generosity of my family and friends, who often end up buying food for me.
My Old IP readily accepted that I had earned a certain amount above the projected annual earnings estimated from my monthly income and expenditure calculation. But also took into account the fact that several of my payments out increased over the year.
My current payments are £388. According to my latest Income and expenditure calculations, sent to my new IP, I only have £332 available for IVA payments. However, as explained before, I sent a covering letter saying I had been working overtime in order to cover the increased sost of living.
This morning, I got a letter from my new IP, agreeing to keep my payments at £388, but because I had earned more than estimated, I am to send them a cheque for £656.
I wish I had that money just lying around!
I don't! I earned more because I needed more to pay the bills!
In my agreement (from my original IVA IP, of which nothing has been sent from the new company to say anything is changing), the only mention of any lump sum payments is in relation to the windfall clause.
I am worrying myself sick over this, I have drafted a letter, including a calculation of my own, based on the increase of £166 per month expenditure being a gradual increase over a year (166 divided by 12 = £13.83 Month 1 increase=£13.83 month 2 increase=13.83x2 month 3 increase=13.83x3....etc
And according to this calculation, 50% of my theoretical income excess only comes to around £117.
I just wanted some sort of advice before I post this letter. I cannot bring myself to ring them at the moment because I am so upset by this situation.
