Really hoping I can get some advice. My husband has an IVA with McCambridge Duffy. We've not really had any problems, been able to make the payments apart from 3 times, 1 for our daughters funeral, 1 for the birth of our new child and another I can't remember the reason for - nursery fees maybe.
He is 3 years into a 5 year IVA at a rate of 230 a month. Due to the recent changes in tax credits - we are now £231 a month worse off if the figures we have been told stay the same. If not, they will come down and we will be even worse off.
Is there anyway that an IVA can be reduced? We are now struggling to put food on the table and we've had to sell belongings to make the rent payment this month. My Mum is bringing food parcels to keep us going and I'm beginning to feel like a failure as a parent.
Sorry to hear of your loss and the problems you have had.
You need to speak to McCambridge Duffy about this - we do have two posters on here who will hopefully pick up on the thread.
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I am so sorry you are having such problems, yes there is always the opportunity to vary payments with creditors consent, however, if your payments are £230 a month and you are losing £231 a month from your tax credits without any other increase in household income on first glance it looks like it's going to be unviable to continue.
Have you spoken with your IP, your company are very well regarded and will be able to advise you more clearly knowing your personal circumstances
I received a pay rise in January (big shock and very welcome) so we can take a small drop just not one of this size. He was going to fill in his annual returns thing and mention it then that he needs to know if payments can be reduced. Would it be easier to call them? Only problem is he works shifts and so isn't able to call most of the time.
What happens if an IVA fails? I've never been in one myself so I'm pretty much clueless.
I believe his IP is able to reduce his payments by up to 15% without having to go back to creditors, would this be enough for you? if not then they would have to hold a variation meeting with the creditors to get them to agree to a reduction.
In either case, I would call his IP and explain the situation, they will want to do a review of his I&E and see evidence of the tax credits being reduced etc and go from there, if you just send back his review paperwork with no further information that you are stuggling, they may just allow you to continue with the same payments thinking you are obviously managing so you do need to speak to them and let them know how difficult things are, they will help, they won't want your IVA to fail now after this time
Anything they can do would be a help to be honest. Mum is doing all she can with the food parcels and I love her for it but I don't want to have to rely on her. I know she'll keep bringing them even if I ask her to stop - just the type of person she is [:D]
Your mother sounds wonderful Seventh but she shouldn't have to supplement your budget so you can pay creditors more as that is totally unfair. You need to make sure along with your IP that your budget is affordable without your mothers help
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lem
Your mother sounds wonderful Seventh but she shouldn't have to supplement your budget so you can pay creditors more as that is totally unfair. You need to make sure along with your IP that your budget is affordable without your mothers help
I know that but try telling her lol I've told her she doesn't have to bring them, we invite her for tea and she turns up with a couple bags full of food! I think she feels like she wants to help - I have 2 other siblings that she's helped when they've hit hard times and now she's trying to do the same for us. The last thing I want to be doing is relying on anyone for help. I'm a mother to two children - I want to do and should be able to do this myself! My husband and I both work full time jobs - we only ask for help with the nursery fees from the government and I know we will get through this! I'm determined to - I've my sights set on 2 years time when my debts and hubbys debts are paid off.
Spoken to hubby and he will call McCambridge Duffy this week. He is off for a few hours in the mornings so he will try and get it in before he has to go to work. Hopefully something can be done.
Hi Seventh, I am so sorry to read your post, things sound awful for you and I am also so sorry to read about the loss of your daughter. You have a wonderful Mum and although Mums do what Mums will do I agree its not fair you are in a position needing to rely on food parcels. Have a chat with McD and see what can be done if you really feel do feel you can still afford a monthly payment. Maybe the term could be extended at a reduced level. Depending on how many months have been made already McD may even be able to propose settlement of what has been paid to date (but it may not be enough). If the loss on tax credits ends up being higher you may need to look at things again as you cannot carry on living like you are.
Please let us know how you get on - I am sure McD will reply asap.
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Hi, well, hubby finally managed to speak to MCD, a lot of phone tag being played.
Roisin now has our I&E for this year and requested to see more documentation in regards to our daughters nursery fees (not surprised when the childcare used to be around £100 a month and is now £600 a month!)
All that was sent over on Friday - anyone know what will happen now and any time scales?
Really struggling this month, my Dad slipped my £20 yesterday and as much as my pride wanted to hand it straight back, I really couldn't afford to. Really hate being like this!!
