www.iva.co.uk

i am in an iva and have been for over 2 years however the iva company has just raised the monthly payments to 730.00 a month which in my eyes seem excessive as i had a 20k loan and 10k on credit cards my wages have changed slighlty but not to this extent well i dont feel they have as paying at this rate sureley i will pay back 90 percent of the amount

Hi
Your IP is obliged to review your income and expenditure and to ask for all your disposible income.
Even if you do pay 90% of your debt you have had 10% written off and all the interest frozen,plus you have been left alone by your creditors.
A fair deal really

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

andydavie wrote:

Hi
Your IP is obliged to review your income and expenditure and to ask for all your disposible income.
Even if you do pay 90% of your debt you have had 10% written off and all the interest frozen,plus you have been left alone by your creditors.
A fair deal really

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

thankyou for the swift reply i may have come across as complaining however that was not the intention i just feel i was ill advised when taking out the iva but i as most people are was very down with a debt around my neck a wanted a solution as all in all i will pay back around 34k which as i appreciate is less than the amount it would have been but with more advise i could have sought other options possibly with my creditors again thankyou

we live and learn

Surely your IP advised you of all of the options that were available to you, and you chose the one you felt better suited your circumstnaces? Or were you told that you should do an IVA?

If you feel that they payments have been set too high, you can appeal the IP's decision directly with him/her or ultimately at Court, but you will need to give good reason why and produce documentary evidence of your income and expenditure as necessary.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

So how much per month has your payment gone up ?

Hi Whem,

agree with posts that increased payments hsould always be affordable, and if you feel they aren't then having a chat with your IP is probably a good idea. It may be that they've missed something in your revised I&E or you haven't fully reflected increased costs. Re potentially paying back 90%, won't that be a good thing?... If it was the right solution at the time then it prevented your debt increasing with further interest and gave you the chance to get back in control. I'm on target to repay 100% plus IP fees and to be honest that was always my goal. Don't resent it because the IVA gave me the chance to be debt free in 5 years, and without it I'd have probably still been owing money for ever....not a great thought....

No worries, best of luck getting your revised payment sorted so it's manageable...

Martin

no i was advised to take out an iva and the only other option disscused was bankruptcy? however reading this forum it seems there are other options available which at the time or infact uhtil reading this forum i was not aware of my payments have gone up by 128 a month however as my wage can differ between 100 to 150 a month i feel this is a lot to raise it by as it is only judged on my last 3 months wage slips and bank statments ....

I suggest that you appeal the IP's decision, and show them a better selection of wage-slips which may indicate lower earnings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

thankyou melanie i will do that as for not advising diffrent methods of coping with my debt are the companys obliged to do this?
thaks in advance

A reputable IP will advise you of all solutions available to you, and will not recommend any of them. The decision on which way to go should be yours, and the IPs role is simply to advise and answer any queries you may have.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

thanks for the reply again judging fron your answer a company with less than honrable practices cuold actually sell a person an iva when there were possibly better options if this were to happen what cause of action would be advisable again thanks

The word "better" can only be judged by the client and not the IP. To claim that you have been mis-sold and IVA will be very difficult to prove, and the companies who are currently championing this alleged crusade against IVA factories are unlikely to succeed in their claims.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

again thank you i havent been approached by any one about this its just reading this forum and other articles on the net it seems maybe some sort of dmp may have been a better option granted i would be paying a lot longer but my credit rating would may not been as destroyed as it is
i feel persoanally i have been misold the iva and am just lining someones pockets were possibly i didnt have to be...