I have been in an IVA for just over 2 years. My payments were set at just under £400 a month based on predicted income and affordability. This was approved by all creditors. I run a small business and in the first year of my IVA, my net income was £2500 less than predicted in my IVA agreement. I struggled to pay my contributions and went 3 months behind on my monthly payments (which i am now gradually getting back to normal). This year I have hit my original predictions for year 1 ( £2500 more than last year, but bang on the original prediction for which the IVA was approved). However, rather than this being regarded as my income going back to normal, it is considered a windfall and under the IVA agreement, I am now requested to pay 1/2 of it over and increase my contributions by over £100 a month. I had no idea that a drop in income would be considered the new benchmark for a review and don't know what to do. help!
additionally my landlord is trying to up my rent. Does anyone now whether there are problems moving to new rented properties when your credit rating is IVA status?
I think I recognise you as one of my own clients, and if my sleuthing is correct then I am sure you are dealing with this issue directly with a member of my staff, and I am following that correspondence as it develops.
I am sure that there may be some confusion over your figures, as we are certainly not here to take money off you where it is not rightfully due. This can be more difficult to assess with self-employed persons, as you don't have a regular income - and as you say you are suffering from peaks and troughs of trading. As with all matters which are specific to my clients, I prefer to deal with them off the forum directly - and rest assured we will eventually get to a position where both sides understand what needs to happen.
If you are not happy with the way your query is being handled, then I will step in personally - but the staff member dealing with the matter is fully conversant with your case and hopefully will be able to sort things out for you very soon.
If moving whilst in an IVA you will need to be upfront with the agent regarding your IVA, there is a chance that they may ask for a larger deposit than normal. If you are unable to move and your rent increases then your IVA payments should decrease to cover this extra expense
I am glad to hear that Charles - Sue and Shailesh did brief me earlier this afternoon. In my experience when a client is right, they are generally right, and I will never be too big or bold than to admit we should have seen the issue you were raising when we conducted the review and we did not. I do hope that this has not caused you undue suffering, especially at this time of year.
the action taken yesterday was incredibly swift and efficient in resolving this issue in a sensitive and professional manner and reminded me of all the reasons why I chose your practice from others in the first place.
