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Posted: Mon Jan 17, 2011 1:59 am
by oskiee6
Cant believe i am 12 months into my IVA, My monthy salary has only gone up by apprx £30.00 but my outgoings have shot up. Now I find out my gas is going up 3% and electric 9% not to mention 20%VAT. I was concered last year that there were experiences of the company i am with bullying customers into paying more. I have just managed. Its not been easy as most of you will know. Can my IVA company force me to pay more?
Posted: Mon Jan 17, 2011 7:37 am
by Shining
Hi there, if your outgoings have gone up and your income gone up albeit slight then there should be no need to put your payment up, a true I&E is necessary and it will be evident that your disposable income is being used to pay into the IVA, my 3rd review is due next month and although I always dread it for some unknown reason it does become easier. x
Posted: Mon Jan 17, 2011 9:01 am
by radomskya
Hi,
I work in Insolvency and am nealry qualified as an Insolvency Practitioner. If your net income has not increased (i.e after accounting for increses in expenditure) your monthly payments will not increase, indeed you may have a provision in the IVA for the Supervisor to allow you to reduce your payments if neccesary. Check with your IVA provider.
Regards
Avner
Posted: Mon Jan 17, 2011 9:26 am
by kallis3
Well done on getting through the first twelve months - that's gone really quickly hasn't it?
I think that with the fact that everything has gone up you won't be expected to pay anymore.
I think we're all in the boat at the moment!
Posted: Mon Jan 17, 2011 8:46 pm
by Andrew Bowers
Hi,
Further to Avner's post, your supervisor will normally have discretion to reduce your contributions by up to 10% without seeking approval from creditors. Hopefully this should help.
Posted: Mon Jan 17, 2011 8:52 pm
by Foggy
If you are lucky he / she might have discretion to reduce up to 15% as per my IVA ---- have a look at your propsal -- it will say in there.
Posted: Mon Jan 17, 2011 10:14 pm
by oskiee6
Thank you all for your help and advice. I have sent in all the paper work and awaiting thier call. I will let you know the outcome.
Posted: Mon Jan 17, 2011 10:53 pm
by kallis3
I think the majority of IPs can reduce the payments by up to 15% now.
Let us know how you get on.
Posted: Tue Jan 18, 2011 9:15 pm
by Struzzo39
We know how your feeling as we've got a telephone annual review on friday. Our first also. Good luck from us
Posted: Tue Jan 18, 2011 9:40 pm
by Shining
Good luck to you too Struzzo39. x
Posted: Tue Jan 18, 2011 10:34 pm
by leaKybrain
Good luck to you all
Posted: Tue Jan 18, 2011 10:41 pm
by kallis3
Good luck for Friday Struzzo.
Posted: Wed Jan 19, 2011 11:17 am
by Struzzo39
Thanks all it means alot. We decided to keep our arrangement secret from family and friends and being able to come on this site and let off steam and share our ups and downs has been invaluable x Cheers all
Posted: Wed Jan 19, 2011 11:19 am
by kallis3
Same here - my daughter knows money is tight, stepkids know but really don't care! I wouldn't dare tell my parents so to be able to share concerns and get advice from here is brilliant.
Plus I have made some excellent friends!
Posted: Sun Jan 23, 2011 3:51 pm
by andrea1968
oskiee6-if youre outgoings have gone up - which undoubtedly will have and your income then they should cancel each other out.Remember to stand firm with your iva company on review and dont worry about being bullied.Remember it is in their interests financially to keep your iva running smoothly.If you feel they are not taking into account any of your expenditure tell them - if you need it it needs to be accounted for.