Hi, I have an iva, am paying 375 a month, with two years left. I am self employed, and based on my last accounts for April 2015 they want to increase my monthly payments to 1000 per month. This has come out of the blue as they work so far in arrear because of my accounts. My income is unpredictable as an entertainer and can be great and then the next minute terrible, I cannot afford this, and am at loss as to what to do, any advice would be much appreciated.
You need to speak to your IP about this - they are the only ones who can help you.
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
Are you self employed or do you trade through a limited company?
A 300% increase is hard to justify especially if linked to your self assessment return.
Can you say what company you are with?
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi John - I agree with the others - something seems slightly off here unless you had a brilliant year and then a rubbish one. You need to speak to your IP and reach an agreement.
Sorry for not thanking you for the replies sooner, I had problems with signing in...
I am self employed and not a Ltd Co (one of the questions asked above)
Its fait to say 2014 to March 2015 was a good year. But this year is not good. As the IVA company deal with such historical information it leaves me with problems like now when they want to increase my monthly payment not based on what I currently earn as would be the case if I was in normal employment but on income I was on a year ago. Is this my fault? Should I be doing something differently? Being in entertainment I can earn a lot one month then nothing for three...which means I don't like to contact them and say I have just had a good pay day as I may not then have one again for a while? I currently earn about £2k a month net, but live in London and it costs a fortune.
Any advice is still much appreciated.
Go ltd would be an option but that then means problems getting a business bank account.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The increase still sounds very high as it can only go up by half of any additional surplus after allowing for cost of living. You need a proper chat with your IP about where these figures are coming from.
