www.iva.co.uk

Hi Guys... where do I start.
I entered IVA March 2007 when I was still living with my husband and although it was not a joint IVA his £23k income was taken into account. At end of July 07 things had got unbearable with my husband and we separated and I moved out with our 2 boys. I have just completed my second annual review but have enclosed a detailed letter with it asking what my options are as I have a major problem looming. I am very proud of myself for having continued to make the IVA payments of £425 per month on my own from July 07 to current, it has been very, very hard and I regularly feed the 3 of us on £15-£20 per week, but I can see a real problem looming. My eldest turns 18 in April and so from end of aug 09 his child benefit, tax credit entitlement and housing benefit disregard will cease meaning my income will drop by circa £260 per month - but my outgoings stay the same. My eldest will still be at home but commuting to university. My IVA payment is due to increase in the next 3 months too as it took into account car finance that I had previously got and was due to finish then. Unfortunately car maintenance was a budget that has taken a beating as I had to cut corners, and when my car died last year I was very lucky when my mum came to my rescue to get me a new one. I am making payments of the same amount to her but will need to continue past the increase in IVA payments. My car is vital for my job - no car and I cant do my job as I am mobile. I'm very lucky to still have a job in the current climate although it has meant taking a 2 year pay freeze as my company is cutting back.

I know I have written to my IP to ask for options but the suspense is killing me... is my IVA going to fail???

So sorry for rambling on.

2 years of payments so far without doubt your Ip would be crazy not to sort you out with reduced payments.

Oh you dont know how good it is to hear you say that.

It really isnt in anybodys best interest to see you Bankrupt through unforseen circumstances.

I'm sure lower payments can be negotiated.

I am sure that your will find that your IP will want to work with you to find a solution to this. Is your ex-husband going to continue to pay child maintenance whilst your eldest is in further education?

Relations with the ex are very poor - had a long struggle to get any maintenance out of him - he point blank refused and will not have any contact with either of the boys which has been very hard, the CSA have now gone down the attachment of earnings route - so i am only guaranteed money as long as he is in the current job. The CSA will not pursue maintenance after the age of 18 and so maintenance will just be for the youngest.

How awful for your boys that their father wants nothing to do with them, I do feel for them and for you.

Lets hope he stays in this job so you can get some money for maintenance from him.

How awful that absent fathers do not take their responsibilities seriously, nor it seems the CSA if they refuse to continue collections to support further education.

I believe a variation is appropriate. Discuss with your IP and I am sure a revised payment can be agreed ultimately with your creditors.