www.iva.co.uk

Hi,
I've just had another 6 monthly review of my finances and my IP has suggested my payments should increase from £490 per month to £560 per month. I'm really struggling as it is and don't think i can afford to pay this extra mooney each month. Is there anything I can do? Thank god i'm 41/2 years into this, I can actually see light at the end of the tunnel.

Hi,

Your payments have to be realistic and affordable so unless you have not submitted a fresh Income and Expenditure form showing that you do not have surplus disposable income then really your payments should not be going up.

I would speak to your IP direct if you can and state what your state of play is regarding affordability. Obviously if you do have spare income at the end of the month then it is only fair that your payments do go up.

Every 6 months my IP conducts a review of my expenditure. The problem is (at least i think this is what it is), i work shifts, so my monthly wage does vary depending upon what shifts i've worked (nightshifts and weekends). However, this proposed increase comes on the back of working a lot of nightshifts, which have reduced significantly since december and will continue to do so, which in turn will be reflected in a smaller wage over the next few months at least. I'll speak to my IP about this, who to be fair normally responds to any queries within a day or two. Thanks for the advice though.

Hi,

No problem. I hope you get a good result and well done for almost getting to the end.

Its difficult when abnormal shift patterns give an unrealistic view of an average income. hopefully your IP will recognise this and that prior to December was not how things will be from now on. You should never be put in a position to be paying what you cannot afford as long as the budget is based on what is reasonably acceptable. I hope you get this resolved ok as you are so close now.

Best wishes for remaining term of your IVA and life beyond it!

Thanks Tina, I've now emailed my IP and await a response. Hopefully we can come to some agreement. However, all I'm thinking at the minute is 7 more payments. As you can imagine paying almost £500 per month out of the only wage coming into the home is going to make a massive difference to me once the IVA is finished. I'll be able to take my daughter on holiday and boy do we need some sun on our backs lol.

Roll on 7 months and soak up that sun!!!

Let us know how you get on with your IP and the payments

Good news. Heard from my IP today and they have agreed not to increase my payments. Equally good news, I thought I had 7 more payments, but it turns out there's only 6, woo hoo, bring on 4th July. Thanks everyone for their advice, it is greatly appreciated.

Hi
What a great result for you.
Just over six months and you will both officially debt free and 500 pound a month better off.
Regards

Fantastic news! Good luck with the remainder of your IVA.