Hi all, been away from here for a while and am 4 years into a 6 year agreement. Time has flown and I have been managing to get by until now so hoping for a little advice. Last year I got a pay rise at work and my monthly contribution doubled. Fair enough as I knew that was the rules. However I am now in a new job and the pay isn't as good so making the higher payment is a struggle. I have now also received a letter from hmrc to say I underpaid tax last year and they are asking for over 400 pounds from me. To top it off my rent has also increased so I am now in a pickle just as I was starting to see light at the end of a tunnel. I am with dfd and they said the only way to reduce my contribution is to add another year to the term. This didn't sound right to me as contributions can go up when extra income is available but yet when that income is no longer available the term has to be extended to reduce the contributions. Is this correct
What's more stressful, living on a budget with a big clock counting down to freedom or not knowing who's going to call you next asking where there money is??
It's not what we do, it's how we deal with it that counts
Sorry to hear of your problems - you need to speak to DFD to get the payments reduced and also to sort out your tax.
Hopefully Laura will pickup on this tomorrow and help you out.
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
It sounds like to reduce your payments you are having to go below the minimum figure that you agreed to when you started your IVA.
If this is not the case then you should be complaining.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi - you need to go back to your IP and tell them your circusmatcnes have changed and you are unable to keep up with the contributions.
Your job has changed again and your income has dropped etc.
As LNE points out, unless you agreed to minimum contributions something doesn't sound right here. Your IP normally has discretion to reduce your payments by 15% without the need to call a variation meeting of creditors to vote on a reduction.
If you need more than this then they may have to call a meeting.
An extension would only be required if you took a payment break, which doesn't sound like the answer here.
