Is my IVA likely to get any easier in year 2?

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confuzzled
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by confuzzled » Mon Jan 25, 2010 9:01 pm
I'm at the proposal stage but am a little concerned at just how tight my budget is going to be in an IVA. With my calculated expenditure I worked out I would have approx £210/month disposable income to pay into an IVA. However, when I went through my I&E with the company I was told I needed to have a disposable income of at least £250/month for an IVA to be a viable proposition. We tweaked the figures and I think I can probably - just - manage that, assuming nothing drastic happens to my (old) car that I'm reliant on to get to work. Fortunately I'm in a situation when some months I get some additional hours at work (although they're not guaranteed) so I think I can get by.

By year 2 of my IVA I will have received a pay rise at work (fortunately I'm in a job where an annual increase is pretty much guaranteed). When it comes to my annual review am I likely to be able to argue the case for some fairly standard allowances (that have currently been trimmed or, in some cases, excluded completely) to then be included so my allowed income increases and things become a little easier? Or are they likely to say "well, you've managed to cope for a year - we'd like all of your pay rise, thanks"?

Whilst I want to pay as much back to my creditors as possible, I can only really imagine living to such a tight budget for a year - the thought of having no contingency or leeway at all for a longer period really worries me. Have others been in a similar situation?

 

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Darkdog
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by Darkdog » Mon Jan 25, 2010 10:17 pm
Hi Confuzzled,
having now gone through he initial stages of getting our IVA ready for proposal I think I would be a little concerned if I was being told what my disposable income SHOULD be rather than what it actually comes out at after you have done an accurate expenditure work sheet. I would talk to the IP again and voice your concern at how tight you feel it is and that you should not really be relying on un_guaranteed extras to make it work.

 

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The Major
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by The Major » Mon Jan 25, 2010 10:19 pm
If you have at to tweak the figures to only just manage the payments this proposal is doomed to fail. If in year two you get a rise they will want that also, it wont get any easier, they will also want half of your overtime. The IVA may have success if its affordable from day one, dont be fooled into making sever cuts just to get it approved.

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 10:20 pm
You are into dangerous territory if you are letting your IP firm manipulate your figures at this stage Confuzzled. Why do they say you need a minimum of £250, if you only have £210 available? Please don't start off struggling - there really is no need and a lot of IP firms will accept you paying £210 per month if this is the best you can afford.

Things do tend to get easier in the second year, as by this stage you are used to budgeting and can perhaps enjoy a little more of your payrises and overtime - but they key to a successful IVA is correct figures from the outset.

If your IP refuses to act at lower than £250, then it may be time to find one who will!

 

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confuzzled
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by confuzzled » Mon Jan 25, 2010 10:28 pm
Thanks for your replies - I'll certainly take your advice on-board.

Mel - is it possible for me to email you personally? How do I go about this?

 

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kallis3
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by kallis3 » Mon Jan 25, 2010 10:29 pm
If you click on the expert link on the left hand side of the page you will find Mel's contact details on there.

 

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newbeginings
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by newbeginings » Mon Jan 25, 2010 10:30 pm
Completely agree, it must now be worth asking someone else to look at your case and get a second opinion. I can recommend the lady above!!

 

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confuzzled
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by confuzzled » Mon Jan 25, 2010 10:32 pm
kallis3 wrote:


If you click on the expert link on the left hand side of the page you will find Mel's contact details on there.

Does that get personally picked up by Mel?

 

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kallis3
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by kallis3 » Mon Jan 25, 2010 10:34 pm
If she doesn't, her staff will and they are excellent as well.

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 10:39 pm
I'm sitting on my e-mail now - as I do most nights - so e-mail away and let's see what we can recommend.

 

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kallis3
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by kallis3 » Mon Jan 25, 2010 10:43 pm
You will get excellent advice from Mel.

You should not be worried about struggling from the word go, that will never work.

It is not too late to change your IP.

 

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confuzzled
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by confuzzled » Mon Jan 25, 2010 10:44 pm
Sorry, I think I'm being dense or missing the obvious. Is that via the enquiry form on your website, Mel?

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 10:45 pm
Yes please - just send a short e-mail with your e-mail address and I can respond to you with my direct mail address. It all happens in nano-seconds.

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 10:46 pm
Yes please - just send a short e-mail with your e-mail address and I can respond to you with my direct mail address. It all happens in nano-seconds.

 

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Shining
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by Shining » Mon Jan 25, 2010 11:09 pm
Hope you got to contact Mel and I'm certain if you did she would have offered you the best advice.
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