Can my expenditure change and decrease my payments ?

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Andy.ap

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Post by Andy.ap » Mon Sep 13, 2010 1:28 pm
hi, i am in a iva now, and have been for just over 1 year. i am getting married soon to a girl who does not work at the monent and will live in my house. she cannot claim benifits as she is not english. its my job to support her, can my expendure form change and decrease my monthly ive payment?
 
 

kallis3

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Post by kallis3 » Mon Sep 13, 2010 1:34 pm
Hi,

I think your question has been answered previously on one or two other threads.

You need to speak to your IP about this. They can vary the payments by up to 15% anything else will have to go back to the creditors for approval.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

liamjames

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Post by liamjames » Mon Sep 13, 2010 1:54 pm
Hi Andy-

From my experiences, it is unlikely that your creditors would agree to lower your contributions in these circumstances unless there is a serious reason why she cannot work. Is she currently looking for a job?

As said above, you must talk to your IP before you change anything or make any serious decisions affecting your finances.

Best of luck with the wedding!
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Mon Sep 13, 2010 1:57 pm
She is foreign and cannot work or claim benefits at the moment Liam. The question has been asked before.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

kallis3

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Post by kallis3 » Mon Sep 13, 2010 2:09 pm
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

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Post by MelanieGiles » Mon Sep 13, 2010 7:34 pm
I don't see why creditors would turn down your request to lower your payments, and if they did then perhaps having your wife with you all the time would be a far higher priority than paying them, in which case I would seriously consider bankruptcy proceedings - where they would be unlikely to be paid anything at all.
Regards, Melanie Giles, Insolvency Practitioner
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