www.iva.co.uk

i have been on a iva for 15months,never missed a payment and have co-operated fully from the onset.i am now told any overtime/bonuses etc that i earn i have to pay 50% of this. the reason i have started to work my guts off is that i am left with £40 a month for treats!!i am on my own with two dependant children and they need things.i hold my hands up and acknowledge i have made mistakes hence being on a iva but i need to do overtime to manage.even though my rent has increased the payment still remains the same.does this sound right to you? i need help but dont know where to find it.

Firstly have you discussed the problems you are having with your IP ?

If you are really struggling to maintain your payments, then Bankruptcy may be an option to consider.

Can you give a little more information about your IVA - debt level, monthly payment etc etc...

Your are in the right place to find help and support.

Hi Jane
It is normal practice for the IP to request 50% of any bonus and overtime worked.If you look at your chairmans report you should see a clause in there that states this
Regards

Hello Jane


If your rent has changed long term then you might be able to get the terms of your IVA varied, but as Carl says you might be better off in Bankruptcy. You would probably only be required to contribute around 50-60% of disposable income with children and you would be clear in three years not five.

AN IVA can be a high price to pay for keeping your name out of the paper.

Best Regards

Hello Jane

Just wanted to say I'm thinking of you ... it can be sooo difficult just keeping your head above water with young children to look after.

Keep in touch and let us know how you get on.

All the best

Debbie

Hi Jane

As others have said, you need to take stock and reassess your position. Bankruptcy does on the face of it, seem potentially viable although bear in mind that it will probably involve a cash outlay of £500. As indicated you will probably pay less each month than you are doing now. That will be for 3 years rather than the 3 years 9 months you have left to run on your IVA. Might also be worth looking at a variation, if as you say, you have to date been compliant then your IP ought to see if he can help you.

ian

This post is just a little sad to read, in that this lady has only realised some 15 months into her IVA the need to pay over 50% of her surplus income. It seems to me as if this is another case of a rushed through creditors meeting, with a client not really understanding the implications of either her proposal or creditor modifications.

Do make sure that this is a contractual requirement rather than your IP simply saying that this is what he thinks you should do.

Why IPs leave the monitoring of this until the end of the year, or when they are filing their annual reports, leaves me in disbelief sometimes.

Really just identifies again that the 2 most important things to do when one has a debt problem is:-

1. TAKE ACTION

2. CHOOSE THE RIGHT PROVIDER

I actually think you should choose the right provider BEFOE you choose the right solution. Once you have the right person to help they will work out all the options and point you in the right direction.