Apologies if this sounds like a rant. What is the point of a yearly review when no changes can be made to your IVA. My expenditure is now £50 approx more than what I was originally paying. Originally when payplan done my review they payment was going to be reduced but I said no. Now as I am finding tt hard they cant reduce as it would mean contacting creditors and I dont want this, so whats the point. We also give them 50% of my husbands additional income but they wont to take into account additional expenses that we have occured like school uniforms, glasses etc. The first year of my IVA was really hard as we were given really low amounts to live on so have never been able to build up a contingency plan. Its a nightmare any advice and sorry for the rant Locko
I understand this one
I have blown my head gasket on my car its got 240K
I travel 100 miles a day
which equates to 26k a year
They said they could sanction a 1K car with missed payments
I refused as I am fortunate my salary is over 50K however I now have sold share options and I am spending 2.5k
I have to hand over the rest
What the I/p has recommended is thaT as I have done it and its a reasonable arguement it will be accepted
Hello Locko, I was in a similar situation to you, My wife and I struggled for 2 yrs paying an iva until we could go on no longer, We recently took the bankruptcy option and now find life so much easier, We were made bankrupt in June 09 and my only regret was not taking this option to start with, Would have saved ourselves 2 yrs payments and alot of heart-ache, Hope things work out for you regards-Mark
If you are struggling with the repayments, then you must insist that your IP puts a variation to the terms of the IVA in front of creditors. Why do they appear to be reluctant to do this?
Thanks Melanie. Im with Payplan they said the creditors would probably say no and I would have to extend my IVA my 24 months which i dont want to Locko
Why don't you instruct your IP to put a variatin in front of creditors and let them decide rather than the IP for them. IVAs must continue to be based on affordability - even after they have been accepted.
Hi All, I know some people's situations are more suited to an iva rather than the bankruptcy option but after expearencing an iva for 2 yrs before it eventually failing I could not possably reccomend it to anyone, They just seem to grab grab grab and will not bend when household expendures increase, just my expearence regards-Mark
Hi
It is important that an IVA is affordable, no point squeezing expenses just to get a case though because it will surely become too much for someone to cope with.
In the correct circumstances IVAs are superb, fair and a way to deal with debt whilst keeping a property that has equity. It will also return far more to your creditors than bankruptcy
Regards
An IVA is suited for me, I do find it a struggle sometimes but not all the time, it would be good to get my arrears caught up and build a contingency for any future disasters but that won't be this year or next!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If an IVA is realistic then it's a great way to deal with your debts. It wasn't the right choice for me, but it wouldn't stop me recommending an IVA to someone else.
