Myself and my husband have been in an IVA with payplan for almost a year and we are really struggling to make ends meet.
We had a small review in November where our payment were reduced by around 30 but it just not enough.
I emailed payplan when I was at my wits end at the weekend as we had run out of oil so had no heating during the snow. I didn't even have enough money for a bag of coal. I could just about handle this myself but I have 2 small children . I have told them I believe some of the figures in our expenses are unrealistic and I want this reviewed. They have said that they may be able to do so but only if we offer and extension of iva period tithe creditors. Does this have to be the case? Can amendments not be made within the original agreed tImescale?
Thanks for any advice
Welcome to the forum. A review of your circumstances can happen at any time and if you are struggling to make ends meet to this extent thn you certainly need to request one.
Depending on your own term nd conditions for your IVA any shortfall may have to be made up over the balance of time or with agreement of yourself and creditors add on a few months to allow for the difference to be made to ensure the minimum dividend to creditors is met.
I would certainly request a dscussion with your IP rather thn the admin team so that you can really ensure your expenses are listed correctly.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi Dat, and welcome. Amendments can be made, usually at the discretion of your IP. Please check your paperwork, if the proposal is protocol compliant (it should say so) there is discretion to reduce payments by up to 15% of the original amount. Some firms (like Payplan) often insist that this reduction is repaid, but there is no requirement for this in the proposal -- it is, however, as I say, at the IP's discretion.
If your paperwork includes the above clauses there is no requirement for the IP to consult with creditors for up to 15%.
It all lies with the wording of your own proposal and with the discretion of your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I suggest you insist a full review is completed. You nor your young children should go without heating in these very cold conditions. Whilst in an IVA we're not actually lavishing in luxuries we are allowed to live and have the basic necessities which do include heating.
Are you talking to your IP or a staff member? Might be worth insisting on a chat with your IP.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thank you for all replying. It is the person who deals with our case I am in contact with so I assume my ip?
We are only allowed £10 a month for house servicing and repairs. We have tiles falling off our roof. How in the world are we meant to keep our house on a tenner a month?!
I have told her that I am close to saying I give up and going bankrupt. She said that as we have no assets or equity the creditors would not force bankruptcy should the iva fail. So if we didn't make ourselves bankrupt then what would happen with the debt?
Thanks
It may not necessarily be your IP. Some people deal with case workers. However, you are allowed to speak to your IP so do ask.
You can make yourself bankrupt at any point after the failure of the IVA, you would need to pay for this yourselves. However, if you chose to fail the IVA and not declare bankruptcy you would be back to square one with your creditors, chasing you for payments and adding interest and charges onto the debt.
I doubt your IP wants your IVA to fail, try and talk to him/her direct before you make any major decisions.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
As Lesley says, 9.9 times out of 10 the day to day work will not be done by the IP. However, it is the IP who is named as your Supervisor and who is ultimately responsible and I am sure they will want to help.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you send them a copy of the receipts they should be able to adjust your payments. I had emergency expensive car repairs and sent them receipts. they took them into account and adjusted my payments.
i was lied to about most things from my IP. Was told i couldnt get car on finance as they would not give me permission. I did it anyway then just rang and told them i had no choice if i wanted to get to work. They adjusted my payments instantly.
If at first you dont succeed then just ring again and speak to someone else!
Hi Dat. Welcome to the forum. You can't afford for this to continue without further review - especially if you can't afford the bare essentials such as fuel, which you can't go without in this weather and 2 small children. I'm with Payplan and was never allowed to speak with him directly. I even emailed him and he never replied. I could never get past my Case Officer. Review your I&E again. If you are struggling so early on either income and or expenditure's changed or the proposed dividend was set too high from the outset. All the best with getting this resolved. x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
Thank you everyone. I have sent her a revised I & E so will await her reply. I can't let things continue as they are. For the last 10 day or so of every month I have no money left and always have to ask family it's no life
If your disposable income has reduced, and you can provide reasons for this which can be justified to creditors, you should instruct your IP to present a variation proposal to seek reduced payments. This is bread and butter stuff for IPs, and there should be no reason for any extension of time unless the proposal specifidally provides for it or creditors request this at the newly convened meeting.
it's no life