Can anyone help me? I am a single parent in month 38 of an IVA. Up to now I have been living with a family member so was able to afford my monthly IVA repayments of £230 per month without too much problem. Due to unforseen circumstances I had to rent my own accomodation which has increased my cost of living quite a lot. I basically have £117 a month after I have paid my rent, IVA repayment, utilities, council tax etc. This doesnt't include food shopping, school dinners, childcare costs etc. I am scared that if I tell my IVA supervisor that my circumstances have changed so dramatically that my IVA will fail and this would be a real shame as I am in month 38/60. Any suggestions?
You need to speak to your IP to review your new income and expenditure, maybe a full and final settlement to accept "payments to date" could be put forward?
Good luck!
Otherwise known as "Tom". [:)] IVA proposal currently being drafted by Liberta Financial.
Dont jump to the conclusion that your creditors will accept payments to date. You need to review your income and expenditure and work with your IP to decide on the best course of action.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Thanks Paul - I just don't want things to go wrong after doing so well for so long. I don't whether I should just say nothing and try and survive on what I've got, i'm just so scared of speaking to them and having it all blow up in my face!
Lisa
you have come so far - no one will want you to fail your IVA now and a review of your I&E may lead to a change in payments - your IP may be able to reduce it downwards by 15% or go for a variation meeting to either accept payments to date or lower the payment each month further - I am sure there will be a way forward and hope you can resolve the issue !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You should discuss this with your IP -- he might be able to reduce by 15% while putting forward a variation for a larger reduction. If the creditors refuse the variation you still have a small reduction and can then see if you can soldier on ( but at least it will be at a lower rate and you will have tried).
If they refuse the variation they don't automatically fail the IVA, it will just run as before.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks everyone, I phoned them and they are gonna send me a form to for I&E and then they will take it from there, he was of the opinion, from what I had told him, that the payments would probably be reduced rather than failing the IVA so fingers crossed!
