www.iva.co.uk

I'm 3 years into my iva. I have £7900 left. I've recently started a new job which means I now have a disposable income of £640 more than double what I am paying now £312. I have been told by my mam she can borrow me £6000 to pay the iva off so that I can move on with my life. I rang the iva company up and made them the offer of £6000. They say that because of my new income and expenditure they are reluctant too put it forward as they think the creditors would hold out for the £19k this can't be right it means I will pay back a hell of a lot more than I owed. I know it's my fault I'm in this situation I just want too get on with my life. I recently was granted full custody of my daughter and just want her too have a normal life. Just feels like I have a prison sentence. And what was the point of bettering myself with a higher salary?

The purpose of an IVA is to pay back as much as possible. If the creditors feel they can get more they will hold out for it.

For your D.I to increase by around £300 your new pay must be in the region of £600 higher -- is this correct ? Also, with full custody of your daughter, your expenses are going to increase, which will further lower your D.I ( don't forget child minding costs). All of these increases should be set against any potential increase -- so, after all the sums have been done, the increase might not be soi attractive to the creditors after all.

Yeah it's a considerable increase I went from £21k too £32k. My mam helps out but I give her money. They've factored that in. But too tell you the truth the expenditure they have allowed hasn't really increased that much considering I now have my daughter I.e £10 extra a month clothing. There allowing me £40 a month. I can go through that alone on my daughter a month with shoes and uniform.

The Step Change maximum allowances for a child are £86 food, £20 clothing, £11 sundries, £7 hairdressing, £7 school trips, £50 school meals.

I didn't factor in hair dressing. They said I was only allowed £16 a month for her entertainment I presume that's school trips. She gets free school meals for the first two years. I just seem to think I'm not going too be in any better a situation for getting a pay rise. #128549;

You are at least half way through -- in a few years you will be free of the debts in the IVA, your whole salary will be yours and you will both be off to Disneyland --- concentrate on the long game.

I know. It's just so hard when I just felt my life was getting on track. Just hoped they would push the offer.

Echo foggys comments ... think long term and the extras you and your daughter will.be able to do x

Claim for free school meals irrespective - maximise what is available.

If the 6k offer is still available at the end of the year approach your IP again.

They know she gets free meals for the first two years.