Myself and my wife have been in a joint IVA with stepchange for the last 4 years and 8 months and our IVA ends in June.
We're forecast to have paid 74 pence in the pound. The original forecast was 15 pence so I think we've done quite well!
We currently pay £395 per month into the IVA and we have 4 payment left which amounts to £1580.
The issue we have now is that we are struggling financially. Our fuel costs amount to over £550 per month alone, just to get to work and back, taking our child to school etc.
We were just going to carry on struggling until June, as the IVA is almost over with, so we were just going to get through it. However, a family member has since found out about our situation and very kindly offered to pay the full amount left to pay to the IVA which is £1580.
Obviously, this is a huge relief to us and an end to a very difficult 5 years, and the debt previous to that.
I'm going to call Stephchange on Monday to offer this, but I'm concerned that they'll say just to carry on with the payments as it's nearly over anyway.
However, I'm going to explain that if this isn't possible, that our monthly payments are going to have be reviewed, as we are really struggling. From the middle of this current month, we have basically been living on nothing, and I still need another weeks worth of fuel and food shopping just to get to work and back.
So the question I'm asking I suppose, is that because we are offering the full amount of the remaining payments, will this be accepted and can it be accepted quickly?
The other option is to lower our contributions, however we don't want to do that. We take full responsibility for our debt and have worked so hard, like many others here, to dedicate ourselves to pay what we owe.
Just to note, we don't have the equity release requirement like many others here, therefor it's just a straight 5 year IVA.
As final note, I must say stepchange have been brilliant over the years. They have been sensible and fair, and it has helped change our lives. But we want it to be over with now!! Haha
Apologies if I've rambled!