Changes in my circumstances have been ignored

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my
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by my » Mon Oct 23, 2017 4:43 pm
What happens if I cannot pay the IVA agreed amount (any more)?
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my
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by my » Mon Oct 23, 2017 4:45 pm
I was led to believe that the IVA annual or regular review will take into account changes in circumstances and if my income/expenditure ratio leaves less funds to pay for my IVA my monthly payments will be reduced. This is not the case now that it has come to it. I am £200 in deficit monthly (average) and I have just been told on the phone that nothing has changed and I am still expected to pay £ 170 IVA monthly.
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kallis3
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by kallis3 » Mon Oct 23, 2017 5:00 pm
Merged topics
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by kallis3 » Mon Oct 23, 2017 5:03 pm
Hi - you need to ask your IP to do a new I&E if you are struggling.
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Foggy
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by Foggy » Mon Oct 23, 2017 5:41 pm
Payments can be reduced if needed -- your IP is either playing hardball or the problem lies with your spending habits not adjusting to the new budget. Why are you £200 down each month? Has your pay been cut ?
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my
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by my » Mon Oct 23, 2017 7:49 pm
Foggy wrote:
Payments can be reduced if needed -- your IP is either playing hardball or the problem lies with your spending habits not adjusting to the new budget. Why are you £200 down each month? Has your pay been cut ?


Yes, by more than half.
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Foggy
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by Foggy » Mon Oct 23, 2017 8:03 pm
my wrote:
Foggy wrote:
Payments can be reduced if needed -- your IP is either playing hardball or the problem lies with your spending habits not adjusting to the new budget. Why are you £200 down each month? Has your pay been cut ?


Yes, by more than half.


Most agreements allow the IP the discretion to reduce payments by up to 15% without asking creditors -- any more than that will need a meeting and creditors can refuse or accept but extend the arrangement.
Might I ask who you are with ?
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my
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by my » Tue Oct 24, 2017 7:39 am
Foggy wrote:
my wrote:
Foggy wrote:
Payments can be reduced if needed -- your IP is either playing hardball or the problem lies with your spending habits not adjusting to the new budget. Why are you £200 down each month? Has your pay been cut ?


Yes, by more than half.


Most agreements allow the IP the discretion to reduce payments by up to 15% without asking creditors -- any more than that will need a meeting and creditors can refuse or accept but extend the arrangement.
Might I ask who you are with ?


Creditfix.
So in effect they did missell this to me as they said not to worry about future changes. The £170 monthly was high to begin with and now impossible.
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Michael Peoples
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by Michael Peoples » Tue Oct 24, 2017 8:47 am
You can request a reduction or if you cannot maintain any payments creditors may accept what has been paid to date as full and final settlement. Go back to CF and do a new I&E which can be used for any variation.
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my
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by my » Tue Oct 24, 2017 8:50 am
Michael Peoples wrote:
You can request a reduction or if you cannot maintain any payments creditors may accept what has been paid to date as full and final settlement. Go back to CF and do a new I&E which can be used for any variation.


Thank you Michael. I sent in the I&E already and they said it all remains the same, but now they wrote back they will let me know in a few days.
Twiglet
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by Twiglet » Tue Oct 24, 2017 8:55 am
How long have you been in your IVA? I would suggest you need to speak to your IP again and say you wanted it reported as a change of circumstance rather than just your annual review. I had a change of circumstances, I had to give up work. I provided evidence as to the reason my change came about and the fact it couldn’t be avoided. It took a while as when they did an I&E we had literally nothing left to pay into the IVA. A variation meeting with my creditors was eventually called and requested they accept funds paid to date as a full and final. It was accepted, meaning my IVA finished early. I had paid without missed payments for 3.5 years with lots of increasing payments throughout that time.
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my
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by my » Tue Oct 24, 2017 8:57 am
Twiglet wrote:
How long have you been in your IVA? I would suggest you need to speak to your IP again and say you wanted it reported as a change of circumstance rather than just your annual review. I had a change of circumstances, I had to give up work. I provided evidence as to the reason my change came about and the fact it couldn’t be avoided. It took a while as when they did an I&E we had literally nothing left to pay into the IVA. A variation meeting with my creditors was eventually called and requested they accept funds paid to date as a full and final. It was accepted, meaning my IVA finished early. I had paid without missed payments for 3.5 years with lots of increasing payments throughout that time.


Just for about a year now.
They increased your payments in the 3.5 years although you had to give up work??
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kallis3
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by kallis3 » Tue Oct 24, 2017 9:50 am
A full and final offer was accepted in twiglets case - you do need to speak to your IP if you have problems.
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Foggy
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by Foggy » Tue Oct 24, 2017 9:59 am
My, Creditfix are, in my eyes, the Easyjet of the IVA world .... keep things simple and knock em out fast. They tend to gloss over details in the need for speed and you do have to ride them and keep them on track .. when challenged they generally see the light and, to be fair, most of the glossing goes in our favour !
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my
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by my » Tue Oct 24, 2017 10:57 am
Foggy wrote:
My, Creditfix are, in my eyes, the Easyjet of the IVA world .... keep things simple and knock em out fast. They tend to gloss over details in the need for speed and you do have to ride them and keep them on track .. when challenged they generally see the light and, to be fair, most of the glossing goes in our favour !


Thank you, sounds promising! very helpful!
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