hi everyone,i am due to loose my tax credits (i earned too much to pay my debts) i am due my first anual review in november,if i can keep up my re-payments by making cuts elsewhere sky etc will my iva be ok? or does your ip decide you cant afford what you initially proposed. i feel i can afford to pay the amount i proposed with cut backs.
If you can manage to make the payments by utilising some of your other allowances, then that should be fine.
Don't leave yourself short though. There is no point in struggling and you might be able to have your payments reduced.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would tell your IP that your tax credits have ceased and complete your I&E form accurately it would be best. No point in struggling. Hope you're ok? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
yes i totally agree, ours were cut by 1/2 this year so I dropped an email to our lovely IP team and we have reduced the monthly payment, this was based on the discretionary 15% which worked out about 15% once the tax credits had been reduced!
Ours has also been cut - I have emailed our IP regarding this and they have said that if a reduction is needed to call. But we are struggling on in the meantime.
