hi can somoeone help

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bunnyrose1510

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Post by bunnyrose1510 » Sun Mar 28, 2021 7:55 pm
Hi every body i am just wondering if somebody has any advice for me
my boyfriend has moved out of the house and that was the main source of in come. i am now getting of universal credit and get a lot less than originally worked out when applying for my iva. i am only a few months into it........................
i am going to ring my IP tomorrow and let them kno the change. What will happen? will i have to but a new I & E form to submit to creditors? or is it the IP that works out if i can still afford it? At th emoment i pay 200 and can still afford to pay that, in my opinion. Which would leave me with 50 pounds disposable income each month. I have 3 kids.
If i say i can still afford it will they allow things to continue as they are or will it all have to be re submiitted again to creditors? What if my IP wants me to pay les s but my creditors dont agree? Would my IVA fail?
Thanks very much
oh and has anybody else got UC as ther main source of income during an iva? THNX

Foggy

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Post by Foggy » Sun Mar 28, 2021 8:05 pm
The IP has some discretion to reduce your payment by up to 15% , but more than that will require creditors approval. As things have changed a new I&E might be worthwhile. It is in nobody's interests to allow the IVA to fail and your IP will work with you for the best outcome.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

bunnyrose1510

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Post by bunnyrose1510 » Sun Mar 28, 2021 8:09 pm
Thnx
Is that the over all payment or monthly payment (15% reduction)
Thnx

Foggy

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Post by Foggy » Mon Mar 29, 2021 7:04 am
Its 15% of the formally agreed monthly payment at the start of the IVA. So your payment could be reduced to £170, at the discretion of the IP, before having to go back to creditors
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Shaun Vickery

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Post by Shaun Vickery » Thu Apr 01, 2021 10:17 am
Definitely talk to your IP - you can't change the facts but at least that way you will be taking control and find out what your options are.
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