Hi,
My wife and I have been in our IVA for 18 months and I am struggling to meet the payments. The IP has increased our payments due to me getting a new job but the increase is double the previous amount. The pay increase certainly doesn't add up to this. My new position requires me to travel 70 miles a day, round trip to work and I need to wear suits all of the time as I am facing some very high powered clients. My IP says I can afford this increase but I physically can't. I am at the point where I am considering either the bankrupcy route or obtaining a loan some how. My IP (case worker) doesn't seem interested in helping me as I have now paid the up front fees and they get 15% of everything I pay from now on so it's in their best interest for me to pay as much as possible. Basically, I think I want out and was wondering if there are any more options open to me.
I think you need to speak to your IP and tell them about this - you may need to do a new I&E and possibly provide proof as to the extra expenditure.
You are unlikely to be able to get a loan as your credit rating will be shot.
Do you have any assets that would be at risk if you went down the bankruptcy route? Don't forget as well that you would have to pay an IPA for three years which may well be the same amount as your IVA payments.
If your income increased your payments should only increase by 50% of the additional surplus after allowing for increased costs of living and the job. Go back to your IP and demand a review by the IP themselves.
Thank you all,
I have spoken to Andy Davie on the phone literally 5 mins ago and he has made me feel good again. I do have options and I want to regain control of things, if that means trying another route (other than bankruptcy) then so be it, but I can't stand not being in control - that's how I got myself into this mess in the first place and I'm not going there again.
Harpic - Thanks for the comments- I'm with RSM Tenon
Michael - My salary increased by £5k p/a and IP has accounted for every last drop of it. I have lost all faith in them as a financial institution. I recently got promoted and after tax my salary has increased by £50 per month - I'm dreading telling the IP as they will probably add £75 to my payment plan.
Hi there. I am also with Tenon and have, in the past found it difficult to contact an IP directly as the case workers field all calls and emails. However, do insist that you chat with an IP and discuss the options.
I have found that most of the caseworkers there are brilliant, but one or two can be a bit "difficult".
The IP's themselves are very keen, once thay are made aware of problems, to sort things out, and are very helpful.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The IP at RSM Tenon is very experienced and should have no problem in speaking with clients if the need arises. I am sure she will want to review your case personally if you are not satisfied with the findings of her team members.
