www.iva.co.uk

As in title I am really struggling with my IVA as my income and expenditure is constantly changing and this makes it impossible to maintain a steady balance of my finances.

I'm about to rent my current house out and move into another property (rented), this will throw things even more.

My question really is, as long as I keep paying my IVA do I have to discuss every last thing with my IP? They have been very good so far but I have so much else on my plate I just want to get on, make my own decisions and do everything possible to keep paying on time.

Would I be better letting the IVA fail and going back down the DMP route where I can vary things at will??

Hi Tom

Sorry you are having a bad time of this. obvious renting out your house - the IP need to know your new circumstances - also you may find the lender increased the interest rate on the "Rented Out House"

Most people if in doubt let your IP know - but of course there is no reason not to use their direct email (print you emails out for record)

If you go back down the DMP - dont forget it will be the whole debt + interest etc(if they dont freeeze it) that you will owe (not the IVA projected amount)

I would really discuss things with your IP. Its better to not keep them in the drak. There are ways they can help.

I suppose what I am saying is that even if the I&E calculation looks like the IVA may be unaffordable can I still continue with it and just jiggle things round to ensure I can pay? Parents have offered som ad-hoc help.

Will discuss with IP but want to get some advice first

Tom

Iva are not supposed to be easy - but if your are struggling, perhaps you need to sit down and work out what has changed as regards to your I+E. (ie) if you income has dropped or bills increased then maybe a new I+E sheet needs to be submitted.

It is a long time to struggle - so you need to speak to your IP.

Life in an IVA is designed to help support you pay back to your creditors as much as you can afford to do so. It is not meant to put you in a position that you physically cannot manage your day to day living. If you speak with your IP and explain what the benefits of moving into a different property are etc and what support your parents can offer they maybe able to offer advice, support and consideration a possible variation to reduce your IVA payments to help your living costs be more manageable whilst in the IVA.

I agree that Tom needs to work out a new I&E and discuss it with his IP. They have the discretion to lower payments by up to 15% without resorting to the creditors.

You should not be struggling like this.