I have been put on short time for 2 months it works out that I will be losing 16 hours a month . They told us today if at easter things have not picked up then there will be redundancies I have been told that I will be ok because I have enough points to avoid redundancy compared to some others the is 30 of us in my department and they said between 4-6 will go if things have not picked up. then the rest of us will go back to full time hours after easter.
I'm currently paying £217 a month into my IVA for the next two months march and april pay dates i'm going to be around £70-80 down after tax on what i'm earning now the is no way I can pay the £217 a month for the next two months because it's already a struggle as it is now at the moment I have £250 a month to live on after my direct debits - bills etc have gone out. so that £250 pays for food,transport to work,clothes,haircut,toiletries.
what options do I have? I have 30 months left in IVA and I have already missed two payments when I was 12 months into the IVA
Speak with your IP and inform them now, giving them all the details and ask them for a variation to reduce your payments - they may be able to reduce them by up to 15% with a variation meeting.
Have you thought about claiming working tax credits - if so the reduction in working hours may enable you to claim more on this !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
A Variation is probably appropriate (a) to pick up on your old missed payments and (b) to cater for reduction in income. Probably best to reduce monthly contribution and add extra months on at end of original term to cover for the original estimated dividend. Speak to your supervisor asap.
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.
I'm sure your IP will be sympathetic to this, as it is beyond your control.
You do need to speak as soon as possible though to keep them in the loop.
Let us know how you get on.
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
luluj wrote:
Speak with your IP and inform them now, giving them all the details and ask them for a variation to reduce your payments - they may be able to reduce them by up to 15% with a variation meeting.
Have you thought about claiming working tax credits - if so the reduction in working hours may enable you to claim more on this !
Dont you mean without a meeting??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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 always wanted to be a teacher so I could point out others mistakes but I was too thick!!![:I]That and I would want to thump some of the little bugg errr I mean hug some of the little angels!!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
they have already added 2 months on to my iva to cover the missed payments. so if they drop my monthly payments are you saying I will have to extend my IVA even more
they will reduce my payments by £100 a month for the next 2 after receiving letter saying i'm on short time but the £200 arrears have to be paid within the remaining 2 years I have left on my iva I may well do it for 2 months.
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
