www.iva.co.uk

My variation request has been rejected. GT has gone back to my controlling creditor with an increased off of an additional 25 pounds per month and a waiver of their fees. I've been told that the offer has been escalated to a manager, and I'm waiting their decision. I'm four years into my IVA but have some arrears.

I desperately don't want it to fail, I've been chatting to my dad who has offered to help me financially until my IVA is complete.

So my question is, if the increased variation offer is rejected again, will I be able to simply increase my IVA monthly payments to catch up on the arrears and pay off my IVA? Or does it mean that it fails if a variation offer is rejected? What can be done to avoid BR?

Thanks.

Hi

You should be able to increase your payments and pay off any arrears

Regards

Thanks - that's good to know it doesn't have to fail

I'm suprised that your creditors are not taking a more relaxed view, given that you are into the final year of your IVA, however we don't know the full history of your case, and therefore the creditor may be acting reasonably. In my experience these issues are usually amicably resolved by a bit of give and take, so keep your fingers crossed and I am sure you will eventually get a good result.