Ok so i'm slightly annoyed this morning
Original IVA terms were:
Months 1-6: £207
Months 7-48: £357
Months 49-60: 497
Sent in my revised I&E following the move into rented and it showed our disposable income of £397 and we're only at month 3..and that this could increase to at least £497 next May (basically my dad lent us money to buy a car and we've been paying him back monthly but will have paid him back come May 2013) and go up even more at month 48
However, despite this meaning they creditors would get more money (unless my maths is wrong?!) I have just been told it will have to go through as a variation to the creditors again as they will get less money and we now have an anxious wait!
Don't really know where to go or what to do. If they come back and say no what happens?! If they want more than we can physically afford what options do we have?! [:(]
When you make a mistake, don't look back at it long...the past cannot be changed. It is the present and future that counts
I do not understand the need for a variation meeting !!! New I&E shows an increase in DI... so, yes, the creditors are getting more ---- that does not need a meeting.
I would speak to the IP --- looks like a caseworker hasn't read the figures properly. Apart from unwarranted worry, you don't want £500 to come out of the pot you are working so hard to put extra in !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I said that to him on the phone that I don't understand as they'll be getting more money sooner than they thought so why does it need a variation?! His response was because of the expenditure to my dad and that he's not actually being a formal creditor or something. Despite the fact I've told him we finish paying him next May it still didnt make any difference
A worrying few weeks ahead by the looks of it! [:(]
When you make a mistake, don't look back at it long...the past cannot be changed. It is the present and future that counts
I feel it for you. Honestly you try to do the right thing by everyone and boy do they have you by the short and curlies. Your life and your money isn't your own anymore.
I notified my IP of change 8 months in only to be told by the way there is a business creditor (who told me my directors loan account wouldn't be worth claiming as I'm entering into an IVA so it wasn't included) have now put a claim forward and they want my directors loan to be added together with increasing the term from 6 years to 7. They knew I was about to enter into the IVA and which company was assisting me yet they wait until now. You have not idea of how p***ed off I am at them.
I've said I'm not prepared to by tied in for 7 years only to be given the option of going BR.
It is totally unrealistic to expect no life changes in 5,6 or 7 years.
I read msg on the forum where people have said yaaaaah, I've made it and got to the end but I can't see that far ahead. Forward pay slips, fill in I&E forms. It feels never ending.
I hope you get sorted out with it without too much stress.
Thanks Katie, hope everything gets sorted for you too
I actually thought the last few months were going well and I felt so more stress-free knowing we had taken steps to sorting out our finances but now there's all this going on, i have a feeling i'll be going backwards! x
When you make a mistake, don't look back at it long...the past cannot be changed. It is the present and future that counts
I know what you mean. I have a spreadsheet on the kitchen wall with all 12 months of all 6 years and at the end of the month I tick off that month so that I can see it coming down.
I felt less stressed too when each month was being paid. It takes something simple to upset the cart but if you let your IP know you're committed to making payments timely they wont want you to go BR as they'll get nothing so it's in their interest to work with you on this.
One thing you're not allowed to do is borrow off family members as this is another creditor which cannot be included in an IVA or BR.
When I lost my business I also lost my home as I lived on the premises so I too had to go into rented but because my credit file is not longer positive I was having problems finding a place to live so my sister put down 6 months up front and boy has that given me an issue. I tried to tell them it's rent and instead of paying my landlady I'm paying my sister but they wanted to know all sorts and I thought, here we go again.
All you want is it to be simply and affordable. No more no less.
I really hope they don't make you wait too long so that you can chip away at the debt and move on.
The thing is when I got rid of my car which was on finance we were able to hand it back and walk away with only having to pay £225. My payments were about £300 a month and it was killing us so my dad offered to lend me money to get a car and pay him back monthly at a lower payment. This was about 6 months before we even started the whole IVA process too so we obviously had no idea we were even going to contemplate an IVA!
x
When you make a mistake, don't look back at it long...the past cannot be changed. It is the present and future that counts
I handed back a BMW Z4 at £347 per month (oh how things can change)and I had to pay 200 and odd quid to have the alloys repaired so same thing really I handed it back and walked away but it was too little too late for me.
I know it doesn't help but you can't do anything until you hear back from them. You have each other and obviously supportive parents which many don't have.
If your car is needed for work they are obliged to work with you on this. I found when doing my I&E form I added clothes, birthday presents etc to up the outgoings a bit to give me a bit of a buffer for the inevitable. Consider it.
I had car repairs £88 in May and £90 June but didn't inform my IP as I didn't want to upset anything but as I've said before you try to do the right things and it don't always help you.
When will you find out the maths of your situation?
Try to remember, the last thing your creditors will want is for your to go BR.
If you lease the car from your Dad, a variaton wouldn't be needed...
My boyfriend is buying a car and I am leasing it from him at the cost of the HP + gap insurance. It got me ou of the need for a variation meeting to agree new credit as the expenditure was fine with the IP
But if your IP knew about the expenditurewhen you went into the IVA why on earth are they putting forward a variation now! Has anything changed from what was originally agreed with them?
