Payments to my IVA

[paul51]

I am at the end of my second year with Payplan and have found it very hard to keep up regular payments.I have a review shortly where I will not be able to increase my payments to the plan.I have already had a variation meeting about the payments but am finding it verd hard to make my payments alongside the family budget.
Has anybody out there got any ideas as to budgeting and making sure my payments are met.all I can see around the corner is the IVA failing and I really dont want that to happen Thanks

[MelanieGiles]

It sounds to me as if your payments are too high if you are regularly struggling to make them on time. Are you employed or self-employed - and is your income regular or inconsistent? Budgeting is a great way of bringing discipline to your finances, but you also probably need to explore whether the payments can be reduced to make them more manageable.

[paul51]

Melanie - I am employed being paid on the last working day of the month but unfortunately my wifes income is paid in three stages every month by three separate cheques on different times of the month, making it very hard to keep a regular budget and regulars payments out of the account.I have foolishly possibly put priority on making sure enough money is in the bank for food shopping/fuel and monies needed for the family.I have a problem with going overdrawn and due to my situation will not go overdrawn and cant go overdrawn.After all our bills we have about £1300 left per month which payplan have allowed us for food/fuel/car costs/dental etc. but still as stated the income comes in all over the place.not easy.

[Wizzard]

Hi Paul51
I have no magic answer, all I can do is show you what worked for me. Check out this site http://www.essentialpim.com/ , the program is free and is ideal for setting up payment schedules and budgets. Using it you can see up to 6 months in advance what monies you should have available barring unforseen problems.