www.iva.co.uk

Hi All I am here for some advice please...
IVA payments originally set to £425 p/m, just completed year 2 review . I have some OT and always paid the relevant amount by installment(10% then 50/50), just had my annual review and payments increased to £627. I told the reviewer I can't afford this payment and she said she can't do any thing about this and she will pass to the creditors. We have not much project in the company this year and not much OT. My Basic salary is £2300 and Harrington Brooks calculated in the review as my salary £2781. Nearly £ £500 difference.
Surely they cannot base my payments on working OT?? If I earn extra I am more than happy to pay accordingly, but I simply cannot afford the increase. I am in deep trouble and don't know how to find the extra £200. IVA is with Harrington Brooks.

It's always dangerous to include overtime in your payments, I'm wondering if you ask to speak to someone more senior whether this can be reviewed again as it seems silly to put pressure on you after 2 years with a potential of a failed IVA. Your income needs to be based on your basic income with uplift payments being made to increase the dividend to the creditor as and when you work these.

I would definitley ask to speak to someone higher and hopefully your IP direct - hoping you can get this sorted as it's tough enough in an IVA without extra worry. Let us know how it goes.

Please see this thread where the question is already being discussed:

http://www.iva.co.uk/forum/topic.asp?TO ... hichpage=1