www.iva.co.uk

I have just split up with my partner of 13 years. I'm going to try to stay in the rent house by my self it going to be tough but my family going to help.

All my money wil now go on the house and the iva. I no the iva will be re looked at just wonder if anyone noes how, I phoned and got a final settle figure and this is just over £13k, when they look at my iva again will my just reduce the figure or just start again?

Hi

You will need to fill in a fresh income and expenditure form to show your true disposable income and your IVA payments should then reduce to this figure.

If things are too tight please consider bankruptcy

Regards

Speak to your IP and request an immediate payment break. This will allow yourselves to look at all the options available including bankruptcy or closure of the IVAs as full and final with funds paid to date.

Also I what is confusing is I've had £20k in ppi but when ever I mention that they say the ppi does not work that way

Sorry to hear you change in circumstances. Have a conversation with your expert who will be able to offer you a review of your income and expenditure. Once this is done you will know where you stand with your monthly budget. Unfortunately ppi is seen differently and often taken as a windfall to go towards your original debt in addition to your agreed iva monthly payments.

The PPI will have improved the return to creditors so it would influence creditors if they were accepting closure of the IVA.

The settlement sum will reduce with each ongoing payment you make.

Hope you get sorted soon. You've enough going on without the stress of iva