www.iva.co.uk

Hi there all,

first time poster here so be gentle!!!!

my partner and myself are around 6 months into our iva, we are just going through our first review, and the figure we have had back that will be our new payments will leave us house bound really with no real funds to enjoy our family time (2yr old daughter that loves the zoo). we know its our own fault we are in this situation but we have faced upto to our debt, we are being asked to pay 690 a month, would our IP accept 600 a month to help things or are we tied to this amount?

we are really concerned so any advice would be much appriciated.

also what does f&f mean?

thanks all for your time.

welcome markmeone and you are a member of the loveliest friendliest forum ever !
sorry things are tough for you at present. it might be an idea to speak with your ip regarding the amount you have suggested and let them know things are tight for you.
a f & f is a full and final amount of money which through the agreeance of your ip to propose to your creditors to finish the iva.
you are amongst friends please keep posting ! [:)]

Hi, Have you had an increase in income, are you sure your I&E is correct? My payments never went up, in fact I had two variation meetings during the course of my IVA and the payments ended up considerably lower than when it started.

thanks for the response fergie!!!

on our i&e after they had taken the expenditure off our salaries it left 881.70, of which they want us to pay 690, do you think they would even consider letting us pay 600 to ease things for us?

is this normal practice to try and negotiate to help ease things and would the ip even consider it?

hi drg,

i did have a slight pay rise since the iva started but we have always informed the ip of anything like that.

sorry to sound dumb but whats a variation meeting?

Hi and welcome.

If you feel that these figures are too high, you need to speak to your IP and ask that you be allowed to make lower payments. Have you done a new I&E? If not, I would make one so that you can show your IP how things have gone up.

You are not supposed to have a lot of cash left, but neither are you supposed to stay at home for the next five years!

As Fergie says, a Full and Final is when you make an lump sum offer to your creditors to pay off the IVA before the five years is up.

on our i&e what is deemed reasonable to request as recreation, ie what is not on our expenditure budget ie xmas press's,holidays,home decoration etc etc

if they are asking for 690 out of the 881.70 that leaves 190 to budget for these things does that seem reasonable as it doesnt seem realistic to us?

sorry to be a pain!!!!!

What were your original payments agreed at? I cannot see why there is a need to increase the payments six months after the IVA has been accepted, unless there has been a significant increased in your expenditure.

Presents and holidays are not really allowed in IVAs, but you are allowed a modest amount for sports and hobbies. Let me know the size of your family and I can quote those figures to you.

Hi markmeone,

My IP called variation meetings twice during the IVA, this due to circumstances beyond my control, basically it is the same as a creditors meeting where your IP proposes a new payment based on your current circumstances and they vote to agree or disagree the same.

If your I&E is done correctly it should allow for every possible expense to maintain a standard quality of life for both you and your family, it is meant to be difficult at times. Are you allowing for all expenses on the I&E?

In theory, with your I&E done correctly your disposable income should in effect be zero, allowing for a contingency allowance. If your disposable income is as much as you mention I am surprised that the IP is not asking you to pay all that disposable income into the IVA.

There must be something wrong somewhere.

markmeone-i would listen to kal (jan) she is very good. and again an iva is a more rigid programme to follow you have to have a small social respite. if you post to mel she will help you shes very good.

Sorry, just in case my post is read or taken the wrong way.

The I&E with your IVA payment included should in effect be zero.

Thanks

thank mel,

we are a family of three, my partner,daughter and myself. when we filled out our i&e we done it literally, with a contingency of £75.

our origianl payment was £309 per month, but we both had pay increase of around £100 per month each which moved our payments to just over £500, we are now being asked for £690.

everytime we have had an increase we have declared it and have even made the usual adhoc payment if i have had overtime at work.

we are really confussed and concerned now, as we expected a slight increase but not this much

If you send me an e-mail to my website, we will send you a copy of the CCCS guidelines which detail all allowances which are commonly accepted by creditors. Your IP also ought to follow these guidelines, so you might find this document quite useful - it is a one-page Excel spreadsheet.

Your Contingency figure is too high. Send an email to Melanie as she suggested and the current CCCS guidelines will indicate what you can expect to spend over a given range of headings which will include hobbies etc. You are not to live for 5 years in purgatory but it will be hard and you'll have to scrimp and save and cut out old luxuries - however that does not mean not having a tripo to the Zoo with your daughter once in a while.

Write down all of your expenditure and compare to guidelines then discuss with your Supervisor (IP). Good luck and let us know how you got on.