www.iva.co.uk

Hi all,

Looking for some advise please! I've been in an IVA since June last year, paying a modest £300 per month.

I was reviewing some corresspondance from my IVA company, and realised that I was meant to send copies of payslips after six months. Which I have not done.

Also, I received a small bonus in November, which meant I was to pay about £170 to my company based on the (10/50/50) rule.

This is coupled with the fact that my expenditure has gone up. We had an allowance of £40 to pay off a joint o/d - that is now actually £100 per month. And my gas and electric increased by another £100 per month from our original numbers.

So I'm in a bit of a pickle. I'll need to contact my company, but will they insist on receiving the slice of the bonus when I used it to pay off all the extra expenditure? I'm close to the edge monthly as it is, and that "could" tip me over!!

Any advice welcome!

Hi, nice to see you again.

You do need to speak to them asap and explain what has happened. You certainly need to explain about the fact that the O/D payment has gone up - why wasn't this put into your IVA?

You may find that they do want some of the bonus but I also think you need a new I&E doing as you shouldn't be struggling the way you are.

Hi!

The od payment was put in, but it was a guesstimate by the iva company! The collections agency who then contacted my partner (as it was joint od) would not accept that amount! As for the energy bill, that increased the month after my iva was agreed, and then again last month. I guess I didn't want to rock the boat by asking for an amendment only a month in!!

I think I know which company you are using and they are usually very helpfull.

Give them a ring as this needs to be sorted out asap. I presume the overdraft was included on your part but not your partners if it was a joint account? I take it your partner isn't in an IVA?

I would fight tooth and nail to get the payments reduced to the original amount for the overdraft if you can't afford to pay anymore. The bank will be getting a dividend from your IVA anyway.

Do speak to your IP for a review and explain how things have changed. If they do ask for their share of the bonus, I'm sure they'll give you time to repay it in installments. x