Hi,I entered an IVA in Oct 10. I have received a letter saying that my mortgage payments are going down by £280 per month (due to going on variable rate). I know that I am going to have to pay this to my IVA but was wondering if they would look at reviewing my I&E as a few payments have changed. My husband has been receiving £35 less wages, he is having to travel more, some of my bills have gone up slightly, I never included my husbands lunch allowance and our kitchen cupboards & freezer are now completely empty as I have been using my food budget to subsidise everything else. Do you think there is a chance they will let me keep the £80 & just pay £200? I hope this is possible as I've been covering the shortfall the last 2 months. Thanks in advance for any replies
This seems more than reasonable and a chat with your IP should clear things up. You will still be improving the return to creditors but also the IVA will become a little easier.
Thanks. I knew I was stretching ourselves really when I put our original I&E figures in as I was worried that we would not have enough surplus for our IVA to get accepted.
Your IVA should be based on what you can afford and not what someone tells you is needed. Have a full review and maybe you can get the payments at a level where your IVA can run smoothly for the remainder of the term.
As Michael says your repayments should be something that you can actually afford as once you start the IVA you are agreeing to a payment that you have accepted as reasonable and to help you in your state of financial hardship rather than keep on struggling.
Your expenditure should be reassessed, and depending upon the terms of your proposal you may only have to increase your payments by 50% of any saving at the end of the day. Get your IP to confirm this to you and you may be pleasantly suprised.
Thanks everyone. I'm going to email my IP today & see what he says. It'll be great if we only hav to pay 50% but I'm not getting my hopes up. I'll let you know how it goes.
Hi Everyone, Thanks for all your advice. DFD have finally got back to me today. It's great news. They've re-evaluated our I&E and worked out our surplus to be £120 and we only have to pay 50% of that(£60). All the recent sleepless nights have been worth the wait as we were going to be £100 short to cover our bills this month and now we have extra cash.
That's excellent news. Pleased you got it sorted out.
Sharing from experiences of dealing with debt
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