www.iva.co.uk

Our IVA commenced in October 2005 and we have paid DFD the agreed amount (£933.00) every month until recently when we found ourselves unable to do so, although it has always been a struggle. Rising costs and change of job/reduction in salary have also contributed. We attempted to re-mortgage for a full & final offer, but they would not touch us with a 10 foot pole, so we tried to sell the house but fell foul of the credit crunch and fall in house prices. We have asked for a variation instead and await a response from DFD. Very concerned about the arrears that we cannot pay and wonder what wil happen if the creditors do not accept we are unable to maintain the original agreed amount and refuse to reduce to a more realistic/afforadble figure. HELP HELP HELP

I'm sure an expert will be along soon to advise you. I would have thought that the creditors would not want your IVA to fail so you may not have anything to worry about. How far behind are you and do you have a date for the variation meeting yet? Viki X

after this next payment we will be £2900 in arrears. We have kept them informed all along but I think they were ok with it because we were hoping to sell the house. No date for a meeting yet.

I think DFD need to move on this one and I would keep chasing them up. It is in their and the creditor's best interest to negotiate an affordable figure, I'm sure they don't want it to fail. You seem to be doing everything you can. Good luck, keep posting and let us know what happens. Viki X

From reading other posts on here it seems that DFD are very bad at communication and need a lot of chasing.

Good luck x

We've just spoken to DFD and they say the IP is going through all the figures now and will let us know this week if our proposal to reduce our monthly payment to £650 instead of £933 is acceptable. What was a bit worrying was that she said if the IP didn't think it was a good offer he wouldn't even put it to the creditiors. Surely it serves no-one to be so negative!

i think in some instances your ip can reduce your payments by 15% without the need for contacting creditors, do not know if that would be possible in your case or if it would be of use to you! am sure an expert could advise you though!

good luck i really hope you can get this sorted quickly as it must be such a worry for you!

love barb x

I hope you get your reduction,i think everyone is feelig the pinch i;m hoping to get a small reduction this year as things are getting very tough,keep posting and let us know how it goes Tracy xx[:)]

It is widely accepted in the insolvency profession and creditor circles that the cost of living is increasing at an alarming rate, so I would think that your variation has every chance of acceptance in the current climate.