i entered an iva over a years ago ,,with a payment of 182 pounds per month ,,from this months my payment they have gone up to 261 pounds,,and for the last two years they will go up to 300 pounds ,,my problems is that i am find it very difficult to make a payment now ,,is to much and every months i keeping cancell my direct debit cause i cant pay my bills ..wot can i do ? can my payments be reduced? thank u.
Is it actually written into your original proposal about the increase in payments? Have you done a fresh income and expenditure form at your 1st review?
We all know that things have gone up, fuel, shopping etc. IP's can normally automatically agree to up to 15% reduction without holding a creditors meeting.
I think the important thing to do it to contact your IP and explain you are struggling. It's in no-one's interests to allow the IVA to fail, so if you tackle it now, hopefully something can be done to help you along.
Have they said why the payments are going up? Have you had a payrise or have finished paying for a car whereby the payments for that have to be included now?
You need to speak to your IP about this to see if you can reduce your payments.
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
