Hi I'm currently in a 6 year IVA. When I started I lived with parents, but I've recently moved in with a partner who has his own home. I'm almost four years into my agreement.
I had car finance when starting the agreement, which ends in march,resulting in my final two years monthly payment going up the amount I was paying for the car.
Unfortunately car was on its last legs so I sold it and paid off the finance, and bought a cheap replacement car.
My question is, if I tell the company I'm with that I've moved in and my expenses have unfortunately gone up due to paying rent and bills would the amount I pay for next two years be adjusted?
Ive help back telling them about my new living arrangements due to worry of them requesting even more money when I'm already struggling.
Thanks Anthony.
They should take an increase in expenses into account, but will only be able to lower your payment slightly without going back to creditors for agreement. BUT ... the car ! You are currently claiming an expense to which you are not entitled (the car payment). Your IVA payment should have increased when you got rid of the car (or are you still paying for it ? )
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
A full review of your current income and expenditure is required to agree your final years payments. Changes like your car should have been notified at the time to ensure correct payment levels are agreed and paid.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thank you for the replies.
When changing my car I called IVA company to see if it was something I could do. I was told yes, and they calculated a figure which I couldn't go higher than per month with finance.
A suitable economical replacement was found. I contacted company again to confirm this was ok, and I was told I needed to do it within two weeks or I'd have to call again for approval. I managed to sell my car privately, pay off existing finance and what was left was used as a deposit on replacement car. I was approved by finance company, who needed a letter of consent, called to request letter and I was told I'd need to fill out all the expenditure forms again.
Unfortunately this taken a few weeks for approval, the garage wasn't willing to gold car that long.
So cutting it a bit shorter, I was then told my IVA would be extended a further 2 years, I explained I had asked about this before I even started looking for a replacement car, but they were very unhelpful.
So I was left with no car, which they knew about, but finance was paid off. I wish I found this forum, as the company I'm with have been terrible from day I signed paperwork.
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
