Hello
I am after a bit of advice before speaking to my ip. Me and my wife are about to start the final year of our iva. We entered into it with 27000 worth of debt, paid 450 pounds a month for the first two years and for the last two years we have paid 207 pounds a month as our payments were reduced due to having a 2nd child and drop in income. We have just had our 3rd child and although our income is the same we know we will struggle for the next yr and our car has broken and needs a thousand pounds worth of repairs which we obviously can't save for with all our money each month allocated. My question is do you think they will accept what we have already paid as our f + f?? Do you think its even worth asking or do you think we should just carry on as we are and dhope we get through this final year? We obviously don't want to do anything that will jeopardise the iva this far in. Many thanks. Nathan
You definately need to speak to your IP who will not want your IVA to fail either.
It would be worth asking for a payment break so as to free some monies for your vehicle repairs, you will also need to do a new I+E showing any expenditure increases to calculate your new disposable income
I think a full and final based on exsisiting monies paid looks favourable if the above is not viable but your IP will be able to advise you further on this.
It maybe that you can get a full and final agreed but it will take a while to set up - otherwise, a payment break is the next best thing.
Is there a family member who could pay for the repairs until the IVA is finished?
Speak to your IP as soon as possible.
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
If you can no longer afford the repayments required by the IVA, especially having received a reduction once before, I feel that you have very good grounds to go to creditors to ask them to accept what they have received to date in full and final settlement. Good luck and let's hope you are posting soon to say that the IVA has finished.
