struggling....payment break

[hillsy]

Hi all,

Been paying our IVA for nearly nine months now, been OK, but are starting to struggle and pay catch up. Had a lot of extra expenses not allowed for in IVA lost £180.00 per month in wages. Although hubby gets a bonus every three months, still had to hand over all 50%, when we needed it for rising costs and expenses. Is everyone allowed a payment break, and if so how long and what happens to the arears does it have to get added on. I am starting to stress for the first time since starting the IVA. I can not bear the thought of going back to not being able to pay for everything. Been there, do not want to do it again. Anyone got any advise. We have been told can not lower payments as we are already paying minimum allowed £266.00 per month. Hubby and I split up last year because of money. We have been back together since february, I do not want money to ruin things for us as it is going so well, as we, and our two grils are all back as a happy family. (that is the most important thing to me). If there is not a solution I would seriously think about bankruptcy, but how would be stand with hubbies bonus payments.

[emma_t]

Hi hillsy

With the rising costs of everything, I think people in iva's will be squeezed tighter than ever in the coming months.

i would have a good chat with your IP and see if there is anything they can do, maybe do another income & expenditure before calling so you know where you are.

I hope you manage to get things sorted
Emma x

[rockbottom]

HI Hillsy

sorry your having a hard time im sure an expert will be along to answer you shortly, glad you and hubby are back together i hope you work things out.

rb

[Adam Davies]

Hi
If your income drops then your husbands bonus should be used in full to bridge any gap.Any money over and above this should then be subject to the 50/50 rule
Go back to your IP and have a detailed chat
Regards

[MelanieGiles]

You are correct to put your relationship with your husband and family life first. These things are priceless and extremely precious.

Andy is right - the bonus could be negotiated on and it may be that you are dealing with someone inexperienced at the IP firm rather than the IP themselves. Everyone knows that fuel and food are at an all time high, and common sense should prevail here. You do not need a payment break, simply some human understanding.

[hillsy]

Thank you all for your comments and kind words. I did not speak to my IP, I spoke to the person dealing with my file, although she did say she had spoken to mamagement. I explained the situation saying my wages had been dropped and that we had inccured extra expenses, and she said I fully understand but you do have to send us the money, when I said we did not have it she then increased our payments by £19.00 per month to cover this money. Surely if your income has dropped, common sense tells you that an extra £19.00 per month just makes things worse.

[MelanieGiles]

It is a complete nonsense to be frank. Speak to the IP directly to get some sensible advice, and if they insist on increasing your payments ask them where they think you can get the money from!

[hillsy]

Thank you Melanie, I will try and speak to my IP. I have sent letters in the past but always take forever to reply or get a reply from someone else.

[Skippy]

I would email your IP direct if I were you. If you haven't got their email address you can find it on the Insolvency Service website - http://www.insolvency-service.co.uk/newipsearch.htm

Good luck x