renegotiating an IVA

[kallis3]

Don't worry about the ranting, we all need to do that sometimes.

I'm not sure how they feel about the amount you are saving,but if you could save £500 a month it wouldn't take you long to be able to pay off the whole amount, certainly before your IVA finishes.

[irish_ram]

Cheers,

After speaking on here, I do feel a alot better, but I am thinking now whether to ring them and offer alot more monthly payments and then the savings we did wouldnt be as much, but on the down side we would be commited to paying that much no matter what happened, but on the upside, we would not have as much responsibility to save as much as we are useless at saving. On the other hand, i only pay what i can afford and save alot more, which has its ups and downs in the other direction. I do feel, if we dedicated to it, we could have the IVA paid off in 2 years at most

[Viki.W]

That would be brilliant if you could do that irish ram. Sounds like a good plan. I wish you the best of luck. X

[irish_ram]

I think my main decision is going to be what my payments are like with me having the bills with GF, or putting it down as me paying them all, as payments to IVA would be very different i presume

Also, an early settlement, is that calculated on the fulldebt before IVA or the debt in the IVA now?

[kallis3]

I'm not sure about that. I'll bump this back up in the hope that someone else will see it and be able to answer the question.

[irish_ram]

Cheers kallis3,

Sorry didn't get back earlier, fell asleep lol. The settlement wouldnt come into it until about a year or so maybe, but just wondered what steps I take and how it is done.

I mean I think after reading on here, I am going to check what my outgoings were when signed up, and what they are now, as am paying a few more bills now and there are all a little more expensive. Although my wage has gone up, but I think ill be able to calculate roughly what my new payments are going to be, if quite a bit higher then will stick with that and save what i can, if not then I will see how much I can afford and offer that and then go off the littl saving I will have and my GF.

I mean, I came inot this Topic looking at getting out of IVA, and have kind of realised now by the replys, what a good position i am in and if do it right, I can make it work for me.

Just got todecide on this GF thing, do I sayshe is paying half or saying i am paying it all, I mean that decision would be up to me as there is no checks they do apart from wanting a letter from Landlord to say i am rentng and thats it

[kallis3]

Hi Irish ram -didn't realise I was that boring!!!![:D][:D]

You will need to do a new I&E, so see how that leaves you money wise.

It's up to you what you tell your IP about your girlfriends contributions.

[irish_ram]

Cheers kallis3,

Dont think it was you making me fall asleep ,probably the few beers i was having lol.

Yeah, we just moved to new rented place a week ago, so have to dig out my IVA documents and go through the I&E again. I mean I do want to pay as much as I can in order to finish the IVA as quick as possible, but dont want to leave myself open to paying too much.

I think for now, i am going to tell them I have moved, and my new expenses, and my new wage and see what happens.

As far as I know the only checks they did was to ask for wage slips, Letter from Landlord and thats it, so i will provide them with the payslips they want and a Letter from the Landlord and see what they say.

Was really against speaking to the IP before as didnt know what they would say, but just want to get it all sorted and new payments and scheme going so I know where this is all going

[David Mond]

You should always advise your IP (the Supervisor) of any change in your circumstances. If this means an upward contribution then it will be for you and him (or her)to negotiate.
It is always best to be completely frank and honest. Most IP's are reputable and are there to help you. Good luck

[irish_ram]

Cheers David,

Once I have done all my I&E, i am going to ring the IP and dicuss with them what is the best thing to do, I mean I have been in it a year and already paid nearly 3K off, so have made good progress.

Also, in terms of my Credit Rating, I know it will be useless at the moment, but once an IVA is complete, when does it come off your record, is there a set period of time from when you start the IVA as to when it comes off if IVA is completed successful, or is it a certain time after you have completed IVA that it clears and can then start building back credit

[David Mond]

Hi Irish ram,

There is no set period but normally 6 years from commencement. However once you complete your IVA successfully your IP should forward you with a Certificate of Completeness indicating that you have successfully completed your IVA.
You can then forward that to the credit reference agencies and ask them to place it in your records.

Creditors will always be ultimately impressed by anyone who has come through an IVA successfully and has learnt to live within a budget and has a monthly surplus having finished his/her committments.
Good luck.

[irish_ram]

Cheers David Mond,

Funnily enough, I have found my IVA stuff and then I checked the post and my IVA year review letter has come.

Looking at the Finances, If I did it on my own, then it would work out I was paying them less a month so that is not an option.

I did it joint with me and my GF and it worked out I would have around 630 left over.

I have a few questions though.

First one is, I no longer own a car but my GF does and I pay half to all of it as in Tax Ins etc, so I presume I can include these in my Expenses.

Secondly the Contingency, in my initial Expenditure from IVA, they put £50 a month and what was left was the 230 for IVA, to me this sounds a bit low, so should I put this up in this one, I am unsure of this and what it means.

Lastly, my Utility bills I am not sure whether to leave at the same amount, as we all know things cost more each year, they have stuck them down as 25 a month, so should I put it up this year as costs do go up, am a bit unsure as to what to put with rising costs.

And acording to looking at the last IVA expenditure list, they just took whatever was left after all the bills, so if i know have 630 left after bills, will they take all of that

[irish_ram]

Also, in terms of bonuses and overtime, it says

I will contribute 50% of that above the Exceptional Income

It says Exceptional Income is monies recieved which is 10% or more over my normal take home pay

What exactly does this mean, does it mean 10% of monthly take home and if more than that i give 50%

[kallis3]

What it means for me is that anything I earn which is more than 10% above my normal take home pay (overtime, bonuses), I keep 50% of that and I then pay the other 50% to the IVA. Don't know if that is the same as yours.

[David Mond]

If your review as confirmed by your Supervisor indicates that a lower monthly contribution is fair then that should not be a problem for a variation to be put forward to creditors. It depends on a number of factors and if the dividend prospect does not fall too much. There is also the opportunity to extent the IVA if necessary. Do the review with your Supervisor and see what he suggests.

Good luck