www.iva.co.uk

Hi All,

I hope you are all keeping well?

I have recently started an IVA back in June 2011. The agreed monthly repayment amount was significantly more than what was originally estimated by Vincent Bond.

Since the IVA started, it's been one bad thing after another. I was informed by the Tax Credit office that our Tax Credits were to cease after the Government change, so that meant that we were £148 a month down on our income. They also advised us that we had been overpaid by £3400 and had to immediately pay this back to them. We eventually agreed to pay them £30 per month payment until this is paid off.
I then had a tax increase due to the tax office not recognising some of the company benefits that I receive, this equates to another £57 down per month. We have two young children in Nursery and the Nursery fees have increased by £40 per month.

The increase in expenditure has hit us very hard financially and we have struggled each month. It is very difficult as we have children and I am dreading Christmas as I cannot see how we are going to afford any presents or extra food etc. My car needs and MOT next month (will probably need at least 1 tyre) and car tax etc. It's just all a nightmare.

Prior to accepting an IVA as a solution to my debts, I did accept that we would struggle financially and have to sacrifice luxuries such as a holiday or days and meals out, but I was led to believe that an IVA was supposed to be fair and give the person a reasonable standard of living.

Right now, it feels as though the whole world is caving in. Just so much to pay out and no money left to do it.

Sorry for the post, I'm just feeling a little down at the minute.

Have you spoken to your IP? the overpayment of tax credits should have been included in your debts so you shouldn't be having to pay this off, I understand that this wasn't discovered until after your IVA was approved but it seems like the overpayment happened prior to your IVA so you should push to have this put into your IVA

As regards the rest of your increased expenditure, again speak to your IP to have a review of your I&E

good luck

Hi Diesel

You need to get in touch with your IP asap and let them know all your details and you may need to do another I&E to show how much worse off you are, and if it's in the 15% threshold you may be able to lower your payments without the need for a variation meeting with your creditors. It does sound like your income has dropped significantly so don't try and struggle on with this, speak to your IP now - is your IP anyone who posts on these boards? You could always contact them via email / drop them a message here.

Hi Diesel
Once you've spoken to your IP you should feel a bit better as will know where you stand. You need to be able to afford your bills and manage in your IVA. Maybe you could use your forum post to help you to explain things to them when you speak to them to make sure you don't miss anything out. You are going through a tough time I hope it gets better for you very soon. Let us know how you get on. best wishes
Oscar

Thanks for the advice everybody. It is much appreciated.
I will speak to my IP this morning and see what we can do.

Good luck and let us know how it goes! x

Good luck Diesel. I hope they can make things a little easier for you. The better they can help you manage your IVA the more chance they have of a successful completion so it's in their interests as well as yours to help as much as they can. Keep us updated x

Hope it goes ok Diesel.