my outgoings have severely increased

[vinnieman]

my outgoings have severely increased from my original outgoing list just recently.i have had to work overtime to meet my outgoings.what would happen once ive explan this to my case officer.

[iva_squirrel]

Good afternoon,


It is inevitable for some people that their circumstances will change over the five year period of the IVA. It is normally preferable that the IVA plays out as originally planned, but sometime exceptions do occur.

If circumstances change significantly the individual should contact the IP to discuss the changes. If, under exceptional circumstances, it is necessary to make a variation to the IVA then the IP has the ability to hold a variation meeting with the creditors.
There is no guarantee that the IP will elect to hold a variation meeting, and there is no guarantee that the creditors will accept the varied terms of the IVA.

Kind regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[MelanieGiles]

Good point from Julia - just one thing I want to emphasise. It is your choice to seek a variation of the arrangement, and your IP must comply with your wishes if that is what you want to do. The IP should not refuse to do this on your behalf.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jamesfalla]

The answers given above are quite right. I would add a word of caution that quite often creditors do not like accepting variations to IVAs if they are made very soon after the IVA was accepted.

You definitly need to discuss your circumstances with your IVA Supervisor. If your IVA is less than 12 months old, then your Supervisor will be able to advise you how the creditors are likely to react.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

[Oliver]

I agree with the above. Your IP is duty bound to propose a variation if you so request however your creditors do not have to agree to this.

Talk with your IP as soon as you can. Working extra hours to keep up with your payments is commendable but may not be a long term solution.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp