where do we stand on situations like economic rises

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Hotmerc

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Post by Hotmerc » Sat Aug 21, 2010 10:26 pm
Where do peoople like me on an IVA that pay each month without missing a payment albeit being very tough (appreciate that I am in this position to repay my creditors yet my ex-partmer who got me in thsi position, is scot free from all this)stand on situations like economic rises in all areas as well as the impending VAT increase!
carried over...

Would like to know what is one able to do or put forward to my IP etc.

Thanks in advance.
 
 

kallis3

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Post by kallis3 » Sun Aug 22, 2010 7:38 am
If, when everything starts going up, you find that you really are struggling, you will have to speak to your IP to see if you can get your payments reduced. They can reduce them by up to 15% without going back to the creditors.

You would have to do a new I%E.

I think a lot of us will be in a similar situation next year.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Sinking Fast

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Post by Sinking Fast » Sun Aug 22, 2010 10:12 am
Hi Hotmerc,

As Kallis states your IP as the discretion to vary your payments by up to 15%, without calling a creditors meeting. A lot of increases are now impacting on everyday purchases such as; food, fuel etc.

With VAT increases looming, it will inevitably lead to people questioning the viability of there IVA going forward.

There will be a lot of people whose fixed mortgage rate will be coming to an end in the near future, and will revert back to the lenders variable rate, which in some circumstances could mean an individual having to find an extra £200 plus pm just to cover their mortgage.

If you find yourself struggling you need to discuss the situation with your IP.
 
 

Imhotep

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Post by Imhotep » Sun Aug 22, 2010 11:51 am
Our mortgage repayment would drop by 175.00 if we went to standard variable rate at the moment.

Unfortunately we are tied into our fixed rate for another four years.
 
 

Shining

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Post by Shining » Sun Aug 22, 2010 11:53 am
My mortgage payment dropped a lot when I went back to SVR and now I pay more into the IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sun Aug 22, 2010 12:47 pm
I've always been SVR.

Dreading when the interest rate goes up.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Hotmerc

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Post by Hotmerc » Sun Aug 22, 2010 6:27 pm
Hi everyone and thank you for all your valid replies. Pleased to know that I am not alone in looking ahead etc.

Is it really true that the our IP's have the discretion to vary our payments by upto 15% without having to call a creditors meeting? When I put forward a request last year I was told it would have to be rasised at the creditors meeting of which I was only asking for a £50 monthly reduction this being now that I know, under the 15% that I am finding out on hear.

I honestly do not believe my IP is working or helping me and am sure there are others out there like me who have a similar problemn with their IP's but at the same time, there are those that do work and support you.

When I ask a question, it either does not get answered appropriately or takes a while to come back to me which is more so when I chase for an answer.

I am trying to not get too disillusioned on this but it would be nice to know your IP is working for you rather than the creditiors of which I appreciate it is hard for them but it seems they have more power than they are letting on.

I am sure they must be fully aware that over the last two years, the economic crises that we are still in, is effecting all those not only in an IVA or bankruptcy but also those that are not and with further increase due in the next few months, life is going to get harder and harder.

I went out shopping and tried to by my food for the week for under £35.00 (bearing in mind it is alos to cover my clothing costs too) and it is so dam hard even when buying non-branded items as you have to also include your toliteries like toothpaste, showergel, washing up liquid, washing powder etc.

I am so fed up with all this that I just cannot be bothered anymore as they not only do not help but more importantly, do not understamd the reality of trying to survice which I knwo is not all down to me but my ex-partner who got in this and then disappears and leaves me to pick up all the pieces!!
 
 

plasticdaft

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Post by plasticdaft » Sun Aug 22, 2010 6:59 pm
Next year may well be crunch time for many as the base rate starts to creep up and the VAT increase gets put onto the already increasing costs.
Remember IP's are not solely employed by you,in fact they are in place to ensure as much of your disposeable income goes to creditors,but they should be understanding and should answer queries promptly.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Imhotep

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Post by Imhotep » Sun Aug 22, 2010 6:59 pm
How long have you been in your IVA?
 
 

kallis3

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Post by kallis3 » Sun Aug 22, 2010 7:06 pm
Hotmerc is just about to start the third year looking at previous posts.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Imhotep

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Post by Imhotep » Sun Aug 22, 2010 7:20 pm
In that case I guess you will have to try and focus on the positives. You're over the hump and the finish line is in sight.

How have your reviews been? Could you stick your heels in at your next one and try to demand some flexibility... I'm not sure if this is even possible.
 
 

Hotmerc

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Post by Hotmerc » Sun Aug 22, 2010 8:01 pm
I do not really belive they will actually listen as tehy did not previously so, will nit ask teh question even though everyday costs have increased dramitically and will by 2.5% come Jan 1st 2011!

My rent has not increasd for soem two years now however, the landlord has already intimated that they wish to increase my current rent by 12% which will mean I be homeless if I do not agree or not able to get this through with my IP agreement!!!
 
 

kallis3

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Post by kallis3 » Mon Aug 23, 2010 6:34 am
You should be speaking to your IP about this, there is no need to be struggling that much when you are in an IVA.

Always put down exactly what you spend on food, fuel etc. Certain allowances are pretty much set in stone, such as a Sky subscription, but others should be flexible to accommodate your personal circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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