www.iva.co.uk

Hi, started my IVA on 25th March 08, made 3 payments now and due to everything in my life changing, i am now struggling to meet payments and worried if i tell my IP my IVA will fail [:(] basically i was in a job and made redundant but luckily was given another job in the company, i had to move out of one friends house where i was paying £250 to another friends who i now pay £350. I now drive around to clients homes in my new job and had to change my insurance to business use and this has bumped my payments up from £37 per month to a whopping £58 [:(] after all my expenditure now i have £129 left per month for my IVA but they want £210 so i need to find an extra £81 per month from somewhere to cover it. Really dont know how to handle this as i know they will not except such a huge drop, but i really dont want this to fail. Does anyone have any advice??? just feel its one thing after another, just feel like screaming and hiding in bed forever right now [xx(]

hi worryhead and welcome!

so sorry that you are struggling! i am not a expert but i do believe sometimes your iva payments can be reduced by 15% with the agreement of your ip, it all depends what was agreed when your iva was approved!

hang on there a expert will be along to advise you!

barb x

I'm sorry I can't really give you any advice, but have you spoken to your IP? They may be able to reduce your IVA payments by 15% under the new protocol.

Hi worryhead

I agree with Skippy and think this is the case as circumstances do change as they have with you, have a chat with your IP and see what they suggest.

I hope you manage to find a solution
Emma x

Thanks everyone, i have not spoken to my IP yet, just worrying what will happen and was hoping to get a rough idea before i call him. fingers crossed i hear some good news finally, everything feels doomed right now

Good luck worryhead,always a solution to any problem.

Hey worryhead, please don't worry, your IP doesn't want your IVA to fail. As Barb and Skippy have said, your IP can reduce your payments within 15% without the need to contact creditors for a variation meeting. You have good enough reason and I'm sure you can both reach an agreement. Good luck, Viki X

Hi Worryhead I'm sure there will be a way forward for you.

Please try not to worry too much and speak to your IP as soon as you can to definately put your mind at rest. XX