Hi All,
we are a bit confused here !, we are in an IVA with GT , who have been great ,we have completed 1st year no probs and no changes. unfortunately my husband was made redundant just after the review , thankfully he got a job after 4 weeks of being unemployed , but on a salarey that is £5000 pa less.
we have rejigged and cut back again, and have asked for achange of circs, we worked out that we would idealy need to drop our payments by £100 a month ,but bearing in mind we are bringing home £300, less didnt think this was bad ,we have continued through out his time out f work with 2 weeks redundacy to continue paying full iva amount , although to avoid an extra year we are planning on telling GT to forget the change of circs and just get on with it , cutting back ourselves again.
When going through our changes on the phone with GT, we were asked if we would want to add an additional year onto our IVA making it 7 years instead of the 6 we had been previously told due to our property being in negative equity, this was to encourage the creditors to agree to our lower payment.
I have informed GT that we are expecting a payout of £15000-£20,000 next april from an insurance secured on the property, plus I am due an equal pay settlemet around november that will be approx £10,000(just heard today!) our debt is £40,000 plus charges,and we agreed with IVA to pay off £23000...while we are happy to pay off the complete debt, we certainly dont want an additional year, apparently this is because we asked to pay a lower amount and will seem to be in arrears with creditors but the creditors will be getting it all back and more at this rate! also we are desperate to replace the car its 12 years old on 17000 miles and guzzeling petrol and will no way last another 51/2 years , does any one know the likely hood of us keeping around £3-4000 to get small car and reapir the garage roof that is on virtual collapse ?
hope ive not confused anyone else reading this !![:)]
