We are currently 4 months into an IVA paying over £700 per month. We were fine at first but now my husband has had his hours/pay cut by about £350 per month. Obviously it is now a real struggle. Would we be able to arrange to reduce our monthly payment as our IVA has only been set up recently? Thanks
You will need to speak to your IP and explain the change in your circumstances. They may be able to lower the payments themselves, or they may have to go back to the creditors and convene a meeting.
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
hey big ted hun dont panic !
this is sortable-do as kal suggests-call your ip asap and advise them. if they cant warrant the drop they can call another creditors meeting but please dont get yourself all worried and if you need help and support we're here x [:)]
Hi
Make sure that you inform the text credit centre, you should receive higher credits with your husbands reduced income. Once you know the shortfall in total income your IP will be able to go back to your creditors with a variation to lower your payments
Regards
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
Thanks very much for your replies.
What does a variation meeting involve? Do we have to pay for it? If the creditors refuse to lower the payments, will that make the IVA fail?
Many thanks, I really appreciate all your help.
ah-ive never had one but i presume it is incorporated with the fees you already pay-i will be corrected if im wrong.
please contact your ip on monday-they can go through everything with you and also take andy's advice re tax credits. your ip will explore all options with you. please dont start thinking about it failing yet-contact your ip monday and in the meantime if you need us we're here x
I believe that there are fees associated with a variation meeting, but it's not something you have to pay upfront, I think they are the same as the normal fees and are incorporated into the payments.
If they refuse to lower the money and you cannot afford to pay, then I'm afraid that your IVA will fail.
Do see about getting tax credits and anything else you are entitled to.
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
I am going through a similar situation and in similar position . I have had a reduction to my wages , taken as monthly average for IVA purposes of around £300 . My partner has also dropped £200 .
My company DFD have been so far very understanding . They have reviewed my position bought about by the current climate , and I am awaiting a letter with regard to a new proposed offer . Will let you know how it all goes .
Try not to worry , its not your fault . You cant magic up income from fresh air for you I/E form .
Our Ip wanted to charge upfront for a variation meeting £750! Luckily, I was very insistent there was n way could we/would we pay upfront and the fee was incorporated into the IP's fee ( strangely they reduced to £400 too ).
The variation is similar to the original creditors meeting, where the IP informs the creditors of your revised proposal. If enough of the creditors do not agree, then unless you can repay the original amount the IVA will probably fail.
Hopefully, your IP will present your proposal properly and the creditors will agree...better for them to have something than risk you going BR.
Keep us updated..............and good luck to you Bryn too, have you seen your proposal yet?
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
