www.iva.co.uk

Hi All,

Im currently in an IVA with GT, and am nearly at the half way stage.

Im divorced, an live with mum and dad. Cant do anything aboutt hat till IVa ends. My son who is 14 lives with my ex in Eastbourne. Our relationship is very strong and as hes getting older im spedning more and more time with him.
It seems most weekends im now spending my time driving back and forth to have days out or in with him, but the problem im having is the petrol costs are literally well outside of those under my IVA I&E.

Im currently paying back £540 a month 80p in the £ dividend. What do you think my chances are of asking GT to reduce my payment to allow for increased petrol? I know that the limit they gave me per month was £130 but this just isnt enough.

I do not want to extend the arrangement but realise i have to repay as much as i can.

Appreciate your thoughts

Geoff

It is possible that your IP has the discretion to reduce payments by £81 [15%] without the need for an extension. Your relationship with your son should not suffer so have a word with GT and hopefully they can help.

Michael,

Thanks for your reply. Ive already had the 15% reduction to aid in helping mum and dad with the household bills, gas, electric, water etc hence im not so sure they will be so understanding, and i certainly dont want this nightmare to continue past 5 years
Maybe i will drop them an email just to ask.
Geoff

If you have had the 15% reduction any further cuts would need a variation and creditors may seek an extension. However, given you are paying a high dividend anyway and have no assets try any variation without offering an extension and it may get approved.

At the dividend you are paying I would definitely ask your IP to ask for a variation meeting to consider a reduction in payments.

Lots of peoples circumstances change during an IVA and there's no reason why they shouldn't give this serious consideration.

Hi Geoffrey - I agree with Michael - your relationship with your son is vital and not having enough money for pterol to see him would be tragic especially when you are paying such a high dividend in your IVa. Your budget should reflect your reasonable living costs which is one of the main objectives of the annual review so go back to your IP to look at having a variation to reflec t the true costs - keep receipts so you can demonstrate the increase in expenditure too. People should not be given a limit on petrol when a budget is set - petrol costs should be whatever they are on average over the year with a clear justification why, should the amount be higher than the maximum guidelines.

Thanks for your kind comments. Ive spoken to GT and they are setting me up with a Variation appointment for next Thursday to discuss.

If my creditors want to extend the arrangement in lieu of reducing my payments then i wont go ahead with it but i can at least try.

Thanks again. i do appreciate everyones thoughts

Geoff

Good luck for next Thursday - keep us posted

Good luck and I hope you're able to maintain a high level of contact with your son. x

Good luck with your Variation appointment,

Good luck from me as well.

Good luck from me too! I was initially told that getting home to my family and long-term boyfriend every weekend wasn't allowable But we got it sorted in the end. Hope your meeting goes well x