www.iva.co.uk

can you help.my i am finding that my payments are killing me.If i started to miss payments what will happen.Could i go back on d/m and if so will i still pay the same as now

Hi Starboy,

I think your first point of contact would be to speak to your IP and explain the situation. They may be able to do a variation to lower your payments.

If you IVA failed which it will if you miss 3 payments you may be able to go back to a DMP but your payments may end up being the same.

The first thing to do is to work out a revised income and expenditure summary, so that you can show your IP that you are struggling and can discuss whether a reduction in payments is possible - either by agreement with the IP or by formal variation.

If this does not work, then the IVA may fail and you could then revert back to debt management - paying affordable payments in line with your disposable income.

thanks for your reply.if i went back on a d/m would my creditors be happy with that

It would depend on the circumstances, and the amount you would be proposing to pay them - but they would far rather this than see you bankrupt.

How long have you been in your IVA?

Thanks for your reply.Ihave been in iva for19 months

Hi
Speak with your IP and ask for a fresh income and expenditure form.Work out your disposible income and if this is less than your current IVA payments then ask for a variation meeting.
Good luck

Andy is spot on. If you have any hasstle from your IP let this forum know. Good luck.

Good luck starboy

I really hope you get a sympathetic ear from your IP as surely they understand the cost of living has risen.

Let us know how you go x

hi starboy sorry to see you are struggling get on to your ip have you explored all avenues open to you like BR if you have no assets