We have another 12 months left on our iva with harrington brookes. We have just done our yearly financial review last month and we haven't any money left to pay into it after all bills etc have been taken out.We have been paying £99 a month in to it since last year.
What has happened to cause this to happen? I assume your expenditure has increased or your income has decreased. There is a possibility of a small decrease in the IVA payment, but there are three options: Somehow struggle through the next 12 months (assuming you are not homeowners, otherwise it might actually be 24). Ask a friend / relative to donate a sum for a F&F offer. Or, as I did, propose a F&F based on payments made to date .... basically asking the creditors to call it quits (the danger here is that they could fail the IVA if they do not agree to the F&F). You need to discuss options with your IP.
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