paying 460 in a iva and finding this hard

[starboy]

dear all i am paying 460 in a iva and finding this hard 6 months ago i was in debt managmant and paying this was 260 i have filled some forms in about my in comings there say there will get back in touch what can i expect from this will there have to go back to my credits

[ivoriva]

I think you can reduce payments a little and add payments onto the end of the term to cover the reductions without a variation meeting. But if it is a substantial difference then it is likely to go back to the creditors who will have to vote again. You may have to push your IP to do this if you are really struggling.

[starboy]

i have been in touch with the peaple who are dealing with my iva there saying i am paying 460 and not 260 with d/m as this will finish in 5 years so am still no better off

[MelanieGiles]

Hi star2

Can you tell us a little about the reasons why you moved from a DMP paying £260 per month (which I assume were affordable) to £460 in an IVA which you are struggling to repay.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

I understand that an IVA might seem an attractive option over an dmp becasue the debts will be paid off in 5 years but this is irrelevant if you can't afford the payments to your IVA. Has something in your life changed to make this unaffordable or do you think you misjudged your ability to pay this level of monthly payment?

Best Regards
Oliver

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

[starboy]

Thankyou for your help i was told to go on a iva and come off a debt managment if this gets to much to cope with can i go back on to d/m

[Adam Davies]

Hi
Did you work out your actual disposible income before entering your IVA ? If so how much ewas it ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[starboy]

MY disposible income there day is £360 there say am paying 460 and not260 on a d/m was because i will finish in 5 years with d/m it will take longer can you tell me can i go back on d/m there say i can not also can there give me a so called holliday o my dedts

[MelanieGiles]

Sorry Star1 - I cannot understand that post! If you are saying can you revert to a DMP now that you are in an IVA, then the answer is yes, but the IVA will need to be concluded first. This can only be done on grounds that you default on your payments - usually three missed payments constitutes a default, and your IP will then close the case. At this stage, you can then propose a DMP or declare yourself bankrupt.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk