www.iva.co.uk

Hello , We have been in an iva for 3 years in august and have been really struggling with payments especially for the last 3 months. The total amount of our debt was 56000 and we were paying £521 pounds a month, however for the last three months we have been unable to pay this amount, so have paid whatever we could afford.

We have now been sent a variation pack and hope to lower our payments to appox £250-£300 for the remainder of the IVA, our IVA was for 5 years but we had a new baby and took 6 payment holidays so these have been added onto the end. The reason we are now struggling is my husband works for Toyota and has lost a lot of income our mortgage has gone up and so has other bills etc as well as the fact our payments have not been adjusted since we had our 3rd child.

My question is what are the chances of this variation been approved?.

Any help much appreciated.

I would say that you have every reason for a varition due to the circumstances around your I/E.

Im sure one of the experts will comment accordingly, and good luck.

Hi and welcome.

I think that your IP will be sympathetic to putting your variation through and I think the creditors will be as well in this economic climate.

You are over halfway now and it is in no-one's best interests for it to fail now.

Wow, an expert response in 1 second!

that has to be a record!

[8D]

I was obviously typing as you were posting![:D]

HARRYEVIEIZZY - you should have no problem with a variation - complete the details requested of your I&E and your revised take home pay and forward back to your IP. Hope the baby is doing well.

I agree - creditors cannot expect you to continue paying at the current level if you cannot afford to, and I am sure that they will support your proposed variation.

Hi
Your creditors will be sympathetic to your circumstances, I have no doubt.
Regards

I've deleted your other thread is it is a duplicate of this one.

Just in case you wondered where it had gone.

Thanks very much for replys made me feel a little bit more hopeful.