Hello, Is there a way to reduce payments?

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Rich104
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by Rich104 » Sun Jan 17, 2010 8:00 am
Hello, I currently pay £367 pm to my IVA which commenced two years ago. I am married, I work as a nurse (my wife does not work) we have 4 children in FT education, and we have struggled to afford the repayments, have missed none, but under care of GP for stress, Is there a way to reduce payments? Many Thanks

 

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kallis3
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by kallis3 » Sun Jan 17, 2010 9:02 am
Hi Rich and welcome to the forum.

Sorry you are struggling with your IVA. You need to speak to your IP and tell them of your problems and ask if you can submit a new I&E.

 

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ashb
Posts: 248
by ashb » Sun Jan 17, 2010 9:17 am
Hi Rich

Sorry to hear of the situation you are in, your health and the ability to continuing work in an effort to pay towards your IVA is important to all parties, therfore speaking to your IP and perhaps a letter from your GP may allow some common sense to be included , all IPs dont want the IVA to fail as its in no ones intrest however health matter s allot.


I hope you find your self in a better situation soon

 

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hunnybunny
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by hunnybunny » Sun Jan 17, 2010 10:03 am
Hi

I was interested in your post as am looking into an IVA myself but, following a breakdown last year, am concerned about committing to something for five years when a) my contract is renewned on a yearly basis so isn't secure and b) my mental health may go downhill again. I just wondered what experiences the professionals on here had dealing with creditors where the the person proposing the IVA has mental health issues? Do they tend to be sympathetic? Can something be built into the proposal that acknowledges the client's vulnerability in that area from the start?

I realise that this is a difficult area as I know my job that mental health problems can lead to being debt and equally being in debt can cause mental health problems. I guess there are very few people in severe debt who haven't experienced some sort of mental ill health as a result.

Thanks

 

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kallis3
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by kallis3 » Sun Jan 17, 2010 10:08 am
Hi hunnybunny.

I'm sure that mental illness won't be a barrier to you having an IVA. A lot of posters on here have suffered from depression and required a period of sickness.

The best thing to do is speak to a sympathetic IP, and we have several who post on here. Probably better speaking to a smaller company rather than one of the bigger ones. Just explain everything to them and they will help sort you out.

 

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MelanieGiles
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by MelanieGiles » Sun Jan 17, 2010 12:33 pm
If you are struggling to make your IVA payments, you should submit a new income and expenditure statement to your IP and ask them to call a variation meeting of creditors to agree a reduction.
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