My girlfriend is pregnant and i wondered if there is any scope in an IVA to reduce my monthly payments ? I am currently paying back £511 a month on a 54k debt. Things are ok now but when the baby comes i think that my outgoings may increase. Many thanks

kallis3 wrote:

I don't know where that came from either cfc.

Just make sure the overdraft facility is removed from your account.

Will do ..

Most IPs will take a reaslistic view about something like this and turn a blind eye to the default on your part providing you can see a way to repaying the overdraft. Let us know how you get on once you have had time to speak to your IP. Thanks for your reply. I will let you know how it goes.I have...

Can I just clarify the position on IP fees. Contrary to popular belief, we generally are paying dividends to creditors after the eighth month these days, and therefore your contributions are not swallowed up in fees. This was a change brought about by the IVA protocol, and a good one in my opinion....

IVA companies do not look to default anyone. They have their costs to recoup for setting up the IVA and for administering it. If the creditors think the charges are too high, they will insist that they are lowered. The majority of us are quite happy to go along with this knowing that in five/six ye...

You need to speak to your IP if you are struggling with your payments, but an overdraft is not allowed. Im not struggling with my payments as such but I would struggle to pay an overdraft back . They said over three months origianlly which is not possible. They question I have got is how serious is...

[quote] Originally posted by kallis3 Unfortunately, that is the way things go. Your first year or so will always go on IP's fees. After that your creditors start to see a return. So there is only one winner then If someone defaults in the first couple of years of an IVA. That stinks in my opinion ,t...

Hi kayliss 3 CFC1 is me Seb_s for some reason my overdraft post went as seb_s im even logged in as cfc1 . Oh dear .

Hi All Kayliss3 A bit I mean first month i started my IVA my My car cost me £500 as the service was due. I have just had my first review(Phone call on Friday 11th Dec 2009) and it went fine but they noticed that I had an overdraft which I thought I was allowed . Thay have asked me how long I need to...

Thats not good,That is horrid in fact. thats about £13,200 paid in for nothing and for someone in debt trying to get out debt, well need I say more.

Im just wondering what would happen to the two years of payments that gdb88 has paid .

Thankyou to everyone for all the replies..Its been a great help.

MelanieGiles wrote:

I cannot see that there is a problem with this in the IVA, but if it fails and you are to be made bankrupt this might cause one or two problems if there is an argument over ownership.

Thankyou for your advise Melanie

This is paid to you to cover not just petrol but also the wear and tear your vehicle will suffer as a result of using it for work purposes. As Michael says, let your IP know, but it will not form part of your disposable income calculation. Thankyou.. I was a bit concerned and now im not. It was the...

It is impossible for us to give you specific advice about your own case, when we do not have full details of your IVA or your current circumstances. In my experience, there is always a compromise to be reached between complying fully with the IVA, and having a decent family life - and I would hope ...