www.iva.co.uk

HI everyone really worried in Sept I will lose tax credits and chb.I already have the 15% reduction and so does ex who moved out months ago.We both have separate ivas with really tight budgets.I will lose around £400 a month and wont be able to carry on with payments.We are both 4 years May gone we own house with little equity we don't want to go bankrupt after paying for so long.I have heard creditors could agree to payments made to date as full and final.Contacted IP who said they can review budget but at the moment I have surplus to pay do I pay the next 3 months just to be told in September I face bankruptcy?Cant sleep really worried[:(]

I would go back to your IP and insist they make a recommendation to your creditors on payments to date. In the mean time continue to pay while you can ..when you loose the tax credits your IP will need to work with you to find a solution. Hopefully bring 4 years into your iva no creditor will want to see you fail your iva now.

hoping that a payments to date offer will be accepted for you and your IVA will conclude successfully as if you've no surplus income how cna you be expected to continue to pay.

Thanks for the replies IP said there is nothing they can do now because of my surplus income but I think creditors should at least be made aware that I cannot make my payments from September heard it takes a few months to set the payments made to date meeting up anyway.

Send whatever evidence you have or the change in circumstances to your IP now and at least they can circulate the variation at the time. There would then be no excuse for further delay.

Thanks I already have the min allowances in my budget with no contingency so it gives £100 surplus to make payments to iva since the separation.Ex is still on mortgage and said he will pay more so I wont lose home until I find full time job.I am looking for full time work but finding it hard to get full time I work 25 hours a week.He wont be able to carry on with his iva if hes helping me out he already has a tight budget with no contingency as well so it gives him surplus for payments.I feel like the last 4 years will have been for nothing I don't want to be made bankrupt after paying over 4 years.

The £100 seems a stretch so I would think that a closure now make sense. However I would be more concerned that the loss of the tax credits and child benefit will put a huge strain on your budget even if the IVA was closed down.

Speak again with your IP because it seems unfair keeping the IVA open at this level when it looks certain to fail. It is clearly better to close it down with payments made to date as you certainly do not merit failed IVAs or bankruptcies.

I have sent an email saying I can pay my payments July/August as agreed but come September I will lose benefits.Ex has agreed to help out so I don't fall behind with mortgage until I find a full time job.Do I stop payments from Sept?How long does it take to arrange a meeting and have payments made to date to be accepted I feel completely in the dark.I have been told a meeting cant be called now because I have surplus for payments only for the next 2 months why cant something be put forward now don't understand feel like im living in a nightmare.

It depends on the firm as to how long it takes to call a variation but there are many full and finals accepted based on payments made to date. If your IP has all the information now there is no reason the variation cannot be called but if they insist on waiting until September then ensure there are no further delays.