Hi,
Ok here goes,hope you can help as I have just got to my 12 month review on my IVA and recieved some pretty bad news.
I started my IVA after falling into masses of debt because of low income (£780 per month) when I took on an apprenticeship, to better my career.
At the moment I have re-payments of £188, and absolutely no assets.
Anyway, in the meantime, I have become qualified and have found new employment and obviously my wages have gone up as a result! Now, I live in a house as a lodger, and the person I live with has asked that I find somewhere else to live next year so his girlfriend can move in etc etc.
I was about to start saving for this when my IVA reviwers contacted me and said my new repayments would be £480!!! This would definateley not allow me to save my first months rent and a deposit on a new home, and even if I did that, I would ever be able to make ends meet with utilities, food etc. My monthly income is £1200.
Is It correct that my payments should jump £300 per month? If so, my IVA will fail. Could someone also explain what this will result in for me?
Last edited by
david.by on Sat Dec 08, 2007 9:17 pm, edited 1 time in total.