IVA Monthly Payments

[Totalgav]

Hi all

This is my first posting on here so hello![:)]

I am currently paying out £517 per month on an initial debt of £64k! I take home £1115 per month and pay £300 per month in rent for a house-share, after paying for everything else such as food, petrol, car insurance, phone bill etc etc i am left with around £40 per month for other expenses such as clothes and things

I have looked at my IVA recently and read lots on here but seem to feel that i am paying a lot for it per month on a percentage against my salary, as i dont have anything else to live on - i did expect this not to be an easy ride and quite limiting but surely i need to be able to at least to say yes to a work colleague on the odd occasion for a quick drink after work which i dont feel i can. I also worry about things going wrong with my car as i have no way of paying for anything.

Any useful advice would be appreciated

Thanks
Gavin

[MelanieGiles]

Hi there and welcome to the forum

You should rework your budget and note down everything that you need to spend - both regular amounts taken by direct debit, and contingency allowances and general expenditure. If this works out a lot lower than you are paying into your IVA at present, you may need to ask your IP to present a variation to creditors to allow reduced payments.

How long have you been in your IVA?

[Totalgav]

Hi Melanie,

Thanks for the info. Ive been in it about 15 months now - i had my first review in December so until then didnt really know what to expect.

I have read lots of my paperwork again recently and when it was all agreed my IP said that it was requested as one of the terms for my creditors to agree they needed an additional £25 per month put in - taking it to £517 but i cant see this on the copy of the terms they sent me so i def need to speak to them, as i think i am paying £25 per month too much to start with!

Thanks

Gavin

[MelanieGiles]

Check your chairman's report, as it sounds like that was a creditor modification - but surely you were asked if you wanted to accept it?

[Totalgav]

Yes i did accept it as i thought it was ok but i'll check as it doesnt appear as one of the creditor modifications

Thanks