sorry everyone but i needed somewhere to get this of my chest, does everyone in a iva feel totally gridlocked with moving things forward? im 2 and hlf years in - i know its my fault in getting in a financial mess in the first place but the way prices keep rising i seem to be ending up more and more out of pocket each month, i have my first child arriving in jan and am already dreading marches annual review through fear of not being able to support my new family - sleeping has become a luxury so much so the doc has just put me anti anxiety/depressants - im so angry with myself as i have always coped and kept my chin up - but just recently it seems impossible! GRRRRRRRRRRR!
It is possible to ask your creditors to vary your monthly payments. I have some clients at the moment who because of rising energy/food/fuel prices etc find that they are now worse off each month than at the outset of their IVA. When this happens we ask them to update their income and expenditure summary. We then call a creditors meeting and ask them to consider reducing monthly contributions. Obviously it depends on your personal circumstances and who your creditors are. Touch wood, we haven't had a problem getting this sort of varaition approved. Suggest that you do an up to date I&E and then have a chat with your Supervisor.
Good luck
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And do check the terms of your IVA proposal and the Chairman's report. You may find that your Supervisor has discretion to reduce your payments by up to 15% in any case, as this modification has been widely used over the last couple of years by a number of creditors. This would involve you extending the arrangement, but it could be worth it in the long run.
With a little one arriving in the early New Year, it is quite likely that you will need to formally vary the arrangement in any case to accomodate your maternity leave and loss of income until you return to work, and your increased childcare costs will also need to be taken into consideration.
