I am struggling to pay my monthly IVA

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sharon474

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Post by sharon474 » Thu Feb 18, 2021 3:20 pm
I am struggling to pay my monthly IVA payments, is there an option for my monthly payments to be reduced?

My IVA payments are bigger than my mortgage each month

Foggy

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Post by Foggy » Thu Feb 18, 2021 4:25 pm
Your IVA payments should have been calculated to be affordable. Are you living within the limits of agreed expenses? It is possible, but not easy, to get payments reduced, but they will only allow approved amounts for your household expenditure. Something must be adrift somewhere -- either they have not allowed a reasonable amount for expenses, have your income calculated incorrectly or you are overspending.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Thu Feb 18, 2021 4:26 pm
You need to speak to your provider and show proof why you need to have your payments lowered.
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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.
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WallE

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Post by WallE » Thu Feb 18, 2021 11:04 pm
Speak to your IP! As has been suggested, if you're struggling to make ends meet then something has possibly gone wrong somewhere and your IP believes you have a bigger surplus than you actually do.

Or possibly your circumstances have changed, and the amount is no longer affordable?

IVA payments can be reduced by way of a variation meeting of creditors, or by using supervisory discretion. The IP can usually reduce payments by up to 15% before needing to ask creditors.

In any case, speak to your IP ASAP - there is no sense in you struggling in silence.
Hi! I used to work for one of the UK's biggest Insolvency Practitioners - I don't work for an IP anymore but still have an extensive knowledge of the IVA industry. How can I help?

plasticdaft

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Post by plasticdaft » Fri Feb 19, 2021 5:31 pm
Thu Feb 18, 2021 3:20 pmsharon474 wrote:
I am struggling to pay my monthly IVA payments, is there an option for my monthly payments to be reduced?

My IVA payments are bigger than my mortgage each month
How long have you been in the IVA?

Has anything changed significantly income or expenditure wise??

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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