Please help. I'm at my wits end and don't know what to do. I have only 9 months left to complete my Iva. I've had exceptionally turbulent times of late. This latest issue with my Iva is tipping me over the edge.
At the beginning of my Iva, I earnt a high commission. I didn't fully user stand or realise I should have given 50 per cent to Iva. I desperTely needed that money at the time anyway, for a car for instance as mine had had it. Now they are demanding I find this money or they will double my monthly pay to them. I have completed a variation form but they seem to be sticking to their guns. I simply don't have enough money now to increase so drastically. I feel like saying, take the house, do whatever as I cannot cope with this pressure anymore. I simply don't hSve this extra money. What would happen now if I can't find this money? I pay £441 now. They want £899!!! And I have secured loan, mortgage and two teenage kids!! I am absolutely panic stricken. Many thsnks
Hopefully, rather than doubling the current payment, which is clearly unworkable, they might be persuaded to extend the IVA so that the arrears can be paid by extra payments tacked on at the end.
Who are you with ? At the end of the day the IP should put this alternative to the creditors as well -- it is not up to the IP to make the decision.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi, absolutely agree with Foggy, speak to your IP and they should propose another option to your creditors by varying the terms and hopefully extended your IVA to cover the additional costs.It IS NOT up to your IP to tell you what they will accept. However they are suppose to be experience enough to talk through the options and not just say what they have said. They maybe saying this based on past history but you can TELL them to propose the extension to your creditors. They might refuse but you have to try at least.
This will require a variation and I am sure GT can help. If you cannot afford to make up the entire shortfall then the IVA should be extended by a year at the affordable level. Creditors normally accept this.
