literally living on nothing at the moment

[tash]

Hi, I am just after some advice, I have been paying in to my IVA since Oct 06. As I work in sales and earn commission, during the 1st year I saved up my 50% contributions and paid a lump sum at the end of the year. During that time I was paying £357 per month into my IVA. After my annual review, my IVA company looked at my earnings and incorporated the 50% into my monthly payments taking it up to £781 per month. However, as I work to commission and have not earned nearly as much this year, I am really struggling to get by.

They worked out after the review that I earned roughly £2500 take home per month during 07, but this year I am only clearing about £1700. Is there anything I can do about this as I am literally living on nothing at the moment? I have spoken to my IVA company but they said there was nothing they could do.

[MelanieGiles]

Oh yes there is!! They can reduce your payments back down to the proposal levels and give you credit for some of the monies you may have overpaid. Do they actually want your IVA to fail???

[goulda]

tash

who are you with it seems unfair the way they operate

[Soulgrowth]

Tash ... go for it ... this is unfair and unreasonable.

Do let us know how you get on.

Debbie

[cfnc]

Hope your IP sees sense Tash,

Kirsty

[tash]

Hi, Thanks for the advice guys. I have been really worried about how I am going to get through the rest of the year without the IVA failing! The company I am with is The Debt People and now that I know there is something I can do, I will give them a call back and see what happens. I will let you know how I get on

[Skippy]

Good luck Tash x

[tash]

Hi there, I spoke to my IVA company as suggested and explained my situation again. They were a bit more helpful this time and said to send in my wage slips so they could have a look. However, they said that the decision to reduce my payments and change back to how it worked last year is up to the creditors and that they are unlikely to agree to a reduction in payment so it doesn't look too hopeful! I don't understand why they had to change the proposal in the first place as it worked fine last year and everything I was due to pay got paid on time and in full. Its all very frustrating and at the moment I am just as stressed as before I took the IVA out! I guess I will send the wage slips in and just see what happens and struggle through until then. Does make me wonder if I would have been better off going bankrupt??????

[Sarah]

Please try to be stong in this one... some of these companies will put you off trying to do all sorts and most of the time you are not speking to somone eho knows what they are talking about.... Please dont forget if you need to ask any quations along the way there will always be someone on this forum that can help!

[chris.g]

Good luck with this Tash. You will have to be strong with your ip, it sounds as if they are not going to be fair unless you stay resolute and stick to your guns,
xx

[tash]

Thanks for your support guys. You are right in that I don't think half the people I speak to know what they are on about - they all seem to tell you a different thing, you never speak to the same person and you can never get hold of the IP directly to clarify! I am going to send my wage slips up and keep on at them until I can get some sort of resolution. I'm not sure how these companies work but I wonder if they collect their fee out of the 1st couple of years payments and so are not too bothered whether your IVA fails after that! I will let you know how I get on. Thanks again

[Beans on Toast]

Be strong and insist you talk to your IP, these other people are not the ones who should be telling you what to do, they are not qualified.

If your IP realises how it is affecting your chances of completing your IVA, hopefully, as Melanie has said, they should take you a little more serious.
Don't be fobbed off on this, insist!

[Oliver]

I am very surprised that they have taken this route as your income should be based on a guaranteed income and as we all know bonuses and commissions are not guaranteed. You have acted correctly by saving the 50% and giving it up. If this increase continues it will most certainly put your IVA at risk.

[Adam Davies]

Hi Tash
The person or people that you are talking to at "the debt people" are talking absolute rubbish.Your IP has the power to reduce your payments back down to the original amount,it does not need your creditors permission.
This is one of the biggest problems in dealing with larger companies,ill informed or poorly trained staff.
Get hold of your IP,send in a fresh income and expenditure form.You can't pay money that you don't have.
Let's hope common sense prevails
Regards

[MelanieGiles]

Hear Hear Andy - I completely agree with you and as an IP I can confirm that we have absolute discretion to increase your payments as well as reduced them back to the original level if this is necessary.