I hope to get an answer to this question from ianmillington and/or melaniegiles.
Since posting questions about my IVA back in september I have asked for a variation as advised, I have been forcepayments I make due to the considerable rise in outgoings, and have provided my IP with new income/expenditure information that shows my disposeable income is £150.00, I changed my payments from £450, to £225, still more than my disposeable income, but by cutting corners etc,can manage this. I am getting less than favourable responses from the company I have my IVA with. To recap, the IVA was set up on the "rolling" payment system to meet the magic 25p in the £. Increases at a rate of £50 per month each year, ie, next year it should be £500 per month. The original debt was sizeable, and at the time I was at my wits end and would have agreed to just about anything !!. The IVA took into account my disposable income and my partners, not just her contribution to the household,which at present is approx 1/3 of her salary.
I am getting letters from my IVA company saying I am in default, the creditors may only agree to a variation if I agree to an extension of 12 months all to be paid at £225 for a total of a further 40 months ( how can I know what will happen that far down the line) but they may not even agree to that. I have waited to reply to them about this matter as my partner has just had her hours cut to 4days a week, and I needed to know how much she would loose from her salary, not I am being threatened with "failure" of my IVA if I dont decide in 7 days. I have repaid approx £14 to £15,000 over just under 3 years, and have now asked for a breakdown of "who got what" out of that money, as it seems the company that deal with my IVA are more worried about loss of THEIR earnings out of it, than my ability to pay, and the best way to resolve the matter.I wrote more but 2000 characters is all this Q will allow. I have more information.
