I have been in an Iva for 3 years now and it's been complete torture

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claire188
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by claire188 » Thu May 04, 2017 8:45 am
I have been in an Iva for 3 years now and it's been complete torture worse then when I had creditors b my case. Back then my husband and I had lost our jobs and it seemed like a life saver b turned out to be the worse thing. However now we are in much more stable financial. And could clear up the debt alone without having to explain mcgarrigle if I need to buy my children school supplies ect. I can't bare the torture anymore. Can I leave my Iva?
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kallis3
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by kallis3 » Thu May 04, 2017 8:55 am
Hi,

Sorry to hear of your problems. If you leave your IVA you run the risk of having your creditors adding on all of the interest and charges and may end up in more debt.

Please speak to your IP and ask to do a new I&E.
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Michael Peoples
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by Michael Peoples » Thu May 04, 2017 12:27 pm
Any increased IVA payments should only be half of any additional surplus so you should have benefitted yourselves. Ask for a file review if necessary especially if you are struggling but bear in mind that you will be debt free in two years.
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Foggy
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by Foggy » Thu May 04, 2017 6:25 pm
You should at least be better off now than you were then. Can you raise the remaining payments due as a lump sum to offer as a full and final ? Maybe from friends and family ?

Failing the IVA now would be counter productive and you will have wasted the last few years ( money as well as time).
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Lisa Thomas
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by Lisa Thomas » Mon May 08, 2017 2:36 pm
If you are struggling to meet the payments there is a problem.

Perhaps:

1. You are spending money on non-essential items.
2. You have not given the correct I&E information/or reported changes to your IP to reassess
3. The IP has miscalculated your contributions.

Raise this with them and try to get to the bottom of it.

They should be able to use their discretion to reduce the payments slightly or call a variation meeting of creditors to reduce the payments.

If you fail the IVA you will be back to square one and at risk of Bankruptcy, which I presume you originally wanted to avoid.
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kallis3
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by kallis3 » Mon May 08, 2017 2:41 pm
Have you spoken to your IP yet?
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