www.iva.co.uk

Well, have been in our IVA since October 2010. Our eldest daughter has decided to move in with her boyfriend which she's really excited about,and we are happy for her to.The only problem is that we will loose her £200 per month house keeping which really helps us.Part of us feel its really selfish to think like that but every penny counts in the IVA.

Now i know your IP can reduce our payments by something around 15% without calling a creditors meeting.This would certainly help us.

We know our mortgage will be coming off our 5 year fixed period (fixed at 5.14%) in 3 months and going onto a Tracker 0.5% above base rate which at current rates would reduce the mortgage payments by around £350 per month.

Has anybody got any ideas how to approach this?, should we just give the IP a call and go with what they suggest or do you think we should try and suffer the loss?

Once again thanks for taking the time to read this.
Baldy and family

Glad your daughter is settling down Baldy. I long for the day mine finally moves out!

Don't forget that your outgoings will go down when she does move out with less food etc.

Have a chat with your IP and see what they say.

£200 is a big hit to suffer in silence. Your IP should be able to offer some flexibility until your mortgage drops. Maybe a reduction in your monthly payments that can be made up at the end?? x

Work your figures out first and then I'd give your IP a ring this morning to see if there is anything they can do.

Hey thanks for all your answers, yeah we will sit down and do some number crunching.
Baldy

Let us know how you get on baldy.

@baldy,

We are in the process of setting up a IVA

Can totally understand where you are coming from, my step-son's college finishes soon & as of yet he got nothing in place (he being a lazy git) So he if dont sort something out soon we will also loose £200 per month but as he is only 17 we still got to feed & cloth him.

Im hoping he pull's his finger out of his ass & sort something soon

Plus even tho he living with us but wont get benefits for him, we will get paid less in housing benefits, which means we have to pay more rent.

So we are starting to wonder if IVA is right for us, yeah we should just about afford the IVA with the drop but it will end up having a effect on what we can get for the other kids, which is not fair on them.

The drop will not be easy for you but hopefully with a bit of juggling around with your numbers you should still be able to cope well.

Baldy, was your daughter's payments listed in your IVA I & E?..If so, then your I.P needs to be made aware and an approach to your creditors can be made and maybe a variation meeting to reduce the amount paid each month. Your housekeeping expenditure will fall too remember. Keep your I.P fully informed and I'm sure it's in everyones interest to take all this into account and come to solution which is satisfactory to all. Good luck

Thanks everybody, yeah i will let you know how things pan out.
Baldy.

When my son moved out my iva company held a variation meeting as I lost his rent money and my gas and electric went up £50 at the same time.This was accepted at $170 per month less.

Fingers crossed for good news today Baldy x

Definitely call your IP to discuss your options, your IP may come up with a solution you had not thought of!

When your disposable income increases due to your Mortgage change you can be sure the IP will want an increase in your IVA Contribution. The change you are facing now with your loss of income should also be accomodated and reflected in your contribution. I know it's only temporary but it's only fair that this flexibility is on both sides of the relationship.

Best wishes

How did you get on Baldy? Hope you managed to get something sorted.