i have just completed my first year of my iva and have been paying the £143 agreed without fail. I received notification after my review that it was to increase to 224 per month. I cannot afford this as i am scrapping by as it is. My wages increased because of my mileage allowance has increased each month as i am driving more, however that means more fuel and maintenance. I am considering stopping the iva as i am tired off struggling every month. What should i do?
Hi and welcome. I assume you completed and Income and Expenditure form and put the added fuel costs on. It sounds to me like one negates the other.
It's really up to you whether to continue or not but would seem a waste to stop now, especially when you're a year in. However, do talk to them first and make sure they understand why you have an increase in salary before making any decision.
Do you have a mortgaged property or rent? would your job be affected by bankruptcy, all worth considering.
First things first though, talk to your company and ensure they're fully aware of the wage increase and why it has been awarded to you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I would increase your expenditure for fuel and maintenance, in reflection to the new increase in expenses, and submit the new I&E form ASAP.
I'm not sure who you are with, but PJG and Creditfix didn't include fuel expenses as income when I had my iva, because whatever went out came back in again and so on, to pay for each month.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
It is a hard decision to make, whether to carry on of not.
Make your iva firm aware of the fact that due to the increase in contributions you will not be able to maintain your payments and are considering your options. Would you go bankrupt? Have you anything to lose?
Best of luck whatever you decide to do.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Who are you with ? Most firms will offset the increase in expenditure against the fuel allowance -- one cancelling the other out, or, as mentioned above, simply ignore it as self cancelling. I am assuming these figures are listed separately on your wage slip, so can be easily identified ( if not, they should be for taxation reasons, IVA apart).
Don't roll over -- argue the point ---- it could well be that the figures are being handled by an underling who doesn't really know what they are doing.
It is YOUR IVA, not theirs, challenge them.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy - get onto them and tell them that the money is used for work purposes and stick to your guns.
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 agree with the above,I challenged it and got it removed,I pay £200 a month in fuel costs,they said they didn't believe me and I told them I travel 35 miles each way,the lad on the phone said he couldn't imagine travelling that far for work.
Today 1st of December 2016 the vultures finally flew away
thanks everyone foe such a quick response and the advice. I am with Hanover and they simply asked for bank statements and payslips for a review and came back with this increase. they also made me take out £30 life insurance every month. They just sent me a letter to say the payments were increasing and I also owe them £300 of surplus money. They also regularly hassle me to fill in PPI forms even though they have flogged that route to death.
Its a joint IVA with my wife and we can't afford an increase. We have to borrow money from family at the end of every month just to buy food! We struggled to ensure we paid every payment for the last year and now they do this. We rent our property and the landlord Knows about the IVA and is happy to let us rent long term. I was thinking of stopping the IVA payments and let the creditors do their worst as i am sick of the whole struggling thing. Do i just sit back and let them come to me with a bankruptcy order or how do i go about it.
To be honest they don't sound like a very helpful company to have to deal with for the next few years ! You can allow the IVA to fail by missing three payments, or you can ask them to terminate the arrangement.
If you have no assets to protect BR might be a better option ( assuming this will not affect your employment ). You will be discharged in a year, although you might get to have to make monthly payments for three years.
Certainly worth making enquiries about.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I had life insurance with Payplan but they took that out of my monthly payments.
You need to challenge this and ask to do a new review. As regards PPI, I would just fill the forms in and let them get on with it.
If you give up now they are unlikely to make you bankrupt but you can do it yourself. The forms are online and it will cost you £655 each. You will probably have to pay an Income Payment agreement for three years which the Official Receiver will sort out.
Had anything changed with regards to your expenditure at all?
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
Nobody can force you to take out life insurance or even make it a condition of the iva.
That is misselling.
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.
I would certainly say you want the insurance to stop - as I said, mine was included in the monthly payment and the creditors were obviously happy with it.
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
My whole working life I've been required to travel at least 3 hours each day and at the moment it can be 9 hours a day before and after work.
Sounds like some people in some companies don't understand that not everyone can work round the corner from where they live.
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.
