www.iva.co.uk

Hi both my husband & i are in an iva its been 1 year & 2 months so far our's is gonna last for 6 years. WEe are paying back £410 a month and struggling as our children have now left home. I have gone back to sleepless nights with worry. Should i make contact & tell them of my worrries & do you think they would be helpful. Thank you in advance for your help.

Jackie, if you are struggling, you should make contact with your IP as soon as possible. I am sure that they will try to help if they can.

Sorry things aren't great just now, let us know how you get on.

Jackie try not to worry yourself too much theres usually always a solution and in this instance it would start with speaking with your IP and explaining the change in circumstances. It may be possible for them to vary it and reduce your payments. Give them a call and see if they suggest anything.

Good luck xx

mrs skint

Hi thanks for your replies will give my ip a ring on monday wish me luck. Don't know if anyone can answer this question if you go bankrupt do you think they would take away your car valued at £2-3000 4x4 fuel gussler, this is used by hubby to get to work. Just considering bankruptcy in case ip cannot help us. Once again thanks for replies [:)]

Hi
It is borderline and will depend on the OR and the valuation.
I think that you will be ok
Regards

Jackie, as an IP myself I can tell you that if you are struggling but substantially up to date, but there is a big problem on the horizon, your Supervisor will probably very much appreciate early notice so steps can be taken to keep the wheel on. Believe me, a failed IVA has the potential to be a black mark against the IP so if he gets enough warning he/she will always try to save it.

Talk to the IP on Monday.

Ian

IPs have absolutely no control over their clients changed circumstances - here Jackie reports that her children have left home and presumably she has lost either benefits of board and lodge money. I would find it difficult to see why an IP would get "black mark" in such circumstances if a case like this eventually had to be terminated.

We do not have crystal balls when we put forward proposals for clients, and some cases will inevitably fail or have to be varied - I estimate that this happens to 5% of my own clients in my practice. "Black marks" are awarded to IPs by their regulatory bodies, who put their names behine proposals which have no hope of completion, either by including inappropriate income and expenditure levels, or simply the IP not fully researching the case appropriately prior to sign off or having any direct liaison with their client.

But I do agree with Ian that the sooner you advise the Supervisor of an issue the sooner that issue can be resolved. You should ask your IP whether there is any possibility in his/her view that creditors would agree to accept lower contributions, and you ought to have a revised income and expenditure statement prepared prior to your chat. It would help if this could be e-mailed to the IP in advance so that they can advice you properly.

And on the subject of the car, I agree with Andy. A good robust argument with the OR if they attempt to grab it for the benefit of the estate ought to do the trick.

Let us know how you get on with your IP.