I have got a letter through this morning notifying me that as from April my tax credits will stop!!!!!! I can't believe it. I am also in the process of gathering my info together for my annual review with GT. Just a bit of a moan really as I am a little concerned what effect this will have on my review.
My new IE figures are not showing much of an increased surplus at all but if they take Tax Credits away that will put me under what I pay monthly for my IVA now.
Just one blooming thing after another. Just a bit upset really and needed a bit of a moan [V]
Sorry to hear that Judo - there's always something isn't there?
You will need to let GT know as it is obviously going to impact on your finances and you don't want to have to struggle.
I'm sure you'll be able to sort something out, there's a lot of people who are losing tax credits.
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
Just make sure that you give GT a full update of what has changed. If you cant afford the monthly payment then they may be able to reduce your payments.
I would let them know what is happening as soon as possible so that if they need to ask your creditors permission to reduce your payments (they may not need to depending on the terms of your IVA)they can do this in advance of April.
Try not to worry - a chat with GT should sort things for you. They may be able to reduce the monthly iva payment to allow for the tax credits being stopped. Reviews aren't necessarily about contributions going up - they're there for you to let your IP know how thing are going too.
I have contacted GT and they have put my mind at rest somewhat. I don't really want a reduction in payments and I think we could manage if GT decide at the end of review to keep our payments for the following year the same. Will require even more tightening of the belt (won't be able to breathe soon!! lol).
Thanks again peeps. Will wait and see what the outcome is. :/
Yup. Thanks BOL.
GT have told me not to worry too much! They really don't know me that well. LOL!
Must stay positive though, as Jan has pointed out, there are many more going through this right now..
Glad you've spoken to GT - I imagine your payments will probably remain the same but make sure you don't struggle at all!!
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
Shrews - make sure you speak to your IP too. £40 isn't a lot of money until you've got no food in the cupboards or need to fill the car up just before payday!!! Our budgets are finely tuned and the smallest amounts make a big difference x
hiya,
i received the same letter last week informing me that i would be loosing my tax credits from april too, as i'm in the process of offering a full and final i'm hoping this may go in my favour.
as the others have said £40 doesnt seem a lot but when your broke at the end of the month it means the difference of food in the cupboard and petrol in the car.
make sure your companies are informed, i am sure there must be loads of people who are going to find themselves in the same posistion.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
Haha.
Me again!!! Just trying to work out my figures for my IE. Now GT said just to send it in reflecting what I am spending. All well and good but my surplus is now coming in around £30 less than my monthly IVA payment due to losing Tax Credits.
Should I just send it in as that and see what they say?? Arrrghh. I am no good at this!!
