we are 3 years into our IVA and have just had our assessment carried out and our payment has been increased by £147, they have failed to take into account and will be increasing it further by £170 in July of next year so that we meet the proposed payment of ££810 - however our circumstances have changed but they don't seem to be taking much notice of this. We are seriously considering bankruptcy.
For the IP to make an assessment he must feel that there is movement in your finances to ensure you can achieve the higher figures.
If they have got the figures wrong you need to contact them straight away to discuss the difference. It could be they have missed something or you have not clearly detailed things, we all make mistakes..
BR is a big step, especially when you have done so well in getting half way through the IVA so do think seriously before making such a big step and tell your IP what you feel..
You do need to speak to them asap to try and sort this out. It would be a shame for it to fail now.
If you go bankrupt then your credit will be shot for a further six years and you will probably end up with an IPA for three years which may be as much as you are paying into the IVA so you might not be any better off.
Do a new post on this forum title it urgent help and the name of your IVA company. Then copy and paste the info you posted above.
If they have a representative on this forum they will hopefully pick up on this and be able to help you asap.
To resort to BR after you have come so far into your IVA would be drastic so I hope you don’t have to do this.
In my opinion your payments should only be increased if your income has increased, or your expenditure has decreased.
In the meantime do this. Get a pen and paper sit down with each other and write down exactly how your income has increased.
Then do the same for your expenditure, noting even the smallest increase down. Include petrol especially for essential travel e.g. to work or taking kids to school etc. (keep your petrol receipts as they will be needed to show how much petrol you are using) also state what is essential that you absolutely cannot do without e.g. you have to get to work, take kids to school, nursery, hospital appointments…
Food is increasing all the time so look at your allowance for this as your expenditure here will almost certainly have increased (although there are limits as to how much companies allow for items like food.
Your Council tax is bound to have risen recently and I’d be surprised if your gas and electric and water had not gone up.
Have this ready for when you speak or email your IP to try and sort this all out.
If you are with a reputable company they should be able to do something to help you avoid resorting to BR.
Keep posting and try not to panic, although I know it’s easier said than done, I panicked all the time while in our IVA and had to constantly tell myself to stay calm and go for very long dog walks to chill out and get my head around things.
Hugs from me and all the best, let us know how you get on.
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Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
There must be a mix up somewhere and you should speak directly to your IP. If there has been a change of circumstances your IVA can be varied and it would be a shame if your IVA was failed now. Your credit file would be damaged for another six years and you could get a three year income payments order.
Be robust in your discussions with your IP and make sure that they fully understand your current finances and how these are likely to change in the future. It sounds to me as if there is a bit of a communications breakdown here and nothing more - certainly not serious enough to make you consider bankruptcy.
