my partner and I with 6 year old twins have an IVA started last August 2014. We have debts of approx £50,000. We pay £153 a month. We are finding it very difficult to keep up these payments and asked for change in circumstances to take place. During this time we also discovered that we had been awarded £20,000 for missold PPI. This was of course sent to Grant Thornton, our IVA company. Surely as a result of this Grant Thornton should look more compassionately on our request for reduced monthly payments?. I cannot work as I have severe mental health issues and my partner is retired and in receipt of pension.
If you are experiencing difficulties meeting your payments I would suggest a revised Income and Expenditure is completed and let GT have a look at this. Do you own a property with equity? the only reason I ask is I wondered if you had considered bankruptcy before entering the IVA? It may not be something you want to do but with limited income it can sometimes bring a swift conclusion to the debt.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
At £153 a month you are at the lower end of what a company like GT will consider viable, so have limited room for manouvre. Check over your I&E and see where you are coming adrift -- are they allowing enough in expenses, have you forgotten something entirely ?
The PPI refund certainly does help, but will not reduce payments in itself. What is does is bring your dividend to date a lot closer to the estimated dividend at the start ( what the creditors expect to get and signed up for ). The closer you get to that the more forgiving they are likely to be. And, in fact, you have exceeded the estimated dividend already.
I hit my estimated dividend half way through my IVA and a marriage break up, leaving me a single dad, meant I could no longer make any payments. As, I am sure, I had paid what they originally wanted ( although they would have got more in the long run ) my creditors decided to call it quits and allowed me to complete on payments made to date.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think you may have a good case for payments/funds received to date to complete your IVA if you can convince your IP that your disposable income is next to nothing
Amazing to have a 20k PPI refund, again you can totally understand why IPs are making these claims
HI I agree with the others. The PPI is an unexpected bonus and doesn't let you off the hook regarding your monthly payments as it is a separate issue BUT if you are struggling to make ends meet then it does sound like your I&E needs a review and perhaps an adjustment is necessary. Speak to GT about it.
