www.iva.co.uk

Hi, I've been in my IVA for the past 6 months with no problems until now.
My ex wife has reported me to the CSA and it appears my payments will have to increase from the voluntary arrangement I previously had.
My girlfriend and I are expecting a child in November and she would like me to move in with her which will increase my living costs as she will lose her current tax credit benefits.
My question is, can my IVA payments be amended or altered to cover these costs?
If they can't lower the repayments what would my options be?
I thought an IVA would be my best option to repay as much of my debts off as possible but it seems to me that it's so restrictive.

Hi Owen and welcome to the forum. I would definitely talk directly with your IP to see what they can do for you in respect of your changes.

If payments can't be maintained then Bankruptcy may be an option to clear all the debt once and for all, but do talk with your IP first as if you want to repay as much as possible from your debts a solution may be found to move forward.

Do you have equity in a property?

Hi, and welcome to the forum.

You need to speak to your IP about this.

Your I&E may need to be revisited.

There is no reason why the IVA should be restrictive. If your circumstances change, then put together a new income and expenditure statement to send to your IP. It should be possible to vary the arrangement to accomodate these changes - one of which appears to be out of your control.

Hi again, I've spoken to my IP about the situation, they've suggested that I have a few options.
Basically though the amount that my CSA is going up I might be better off out of work as it's an option available to me due to redundancies in my workplace and going bankrupt. Due to this the IP suggested it might be better for me to offer a full and final settlement figure.
In 8 months I've paid in just over £3000, and I have the option of selling the house I own but have been renting out to be able to afford the IVA payments. My parents have offered me some money to put into a settlement offer and I think I can realistically offer somewhere in the region of an additional £15000 on top of what I've already paid in. My IVA was for £22620 over the 60 months, does anyone think that £18000 is a reasonable sum for a settlement?

Hi Owen,

Sorry that you are likely to be made redundant.

Personally speaking, I think it sounds like a good offer.

One of the professionals will be along to advise further.