My partner has recently left me so I have been given the option to move back to my parents to try and get finacials sorted.
I have just rang my IP and they have been a little vague so i was wondering if anyone on here can help me?
I currently pay around £260 a month with 3 years left on my IVA, if I move back to my parents I will be able to pay £800 per month.
What is the normal course of action if my contributions increase dramatically? Will I still need to pay £800 for the 3 years or do I keep paying until the agreed amount (59p in a £1) is paid off.
I hope someone can help with my situation as I am trying to work out the best solution for me in this difficult time.
I would imagine that you would need to pay all of your disposable income into the IVA, whether that is £800 or a different figure once a new I&E has been done.
An expert will be along soon to clarify.
xxx
7 year IVA completed in December 2016 - there is light at the end of that tunnel
Hello Paul, I am so sorry to hear that you and your partner have split up. So sad.
If you go back to live with your parents and your contributions increase, then unless you manage to pay back 100p in the pound, plus fees before the IVA was due to be completed, then you will continue to the end.
You always owe the full amount to the creditors until the IVA is completed.
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
Thank you for the kind words - just about coping.
I am trying to basically work out what the best thing is for me to do - my parents have been fantastic in offering the help but I am not sure what to do.
Suppose I will have to do some sums and work out which gets me in a better position sooner.
You do need to sort your figures out. Good luck and I hope it all works out for you.
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
Surely you will need to pay an element of board and lodge to your parents - so has the £800 been calculated before or after this is taken into consideration?
I am inclined to agree with Mel. I often find that parents, in trying to help by not taking a fair board payment, are in effect unduly penalised for a situation that is not of their doing.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
