www.iva.co.uk

hi all,

me n my hubby started our iva in 08, weve got a year left in april so i thought,
my ip rang last night to say they adding another 18 months onto my iva as we owe them £5888. this is because in 09 i started a new job which was better money i sent all my paper work to my ip stating my new job, wages etc, every review i sent my wage slips plus hubby, ip said everything was ok which shocked us with me being on more money, ive since lost my job and had a baby (number3) i rang and told them this sent paper to them they wouldnt bring my payments down we cant afford nothing an they wont help us bu want to add 18 months onto my iva, would it be easier for us to stop the iva an go bankrup?

You may find that you have not reached a minimum return that was promised to creditors.

As for going bankrupt now remember your credit file will take a big dirty hit for 6 years and you still have to pay over spare income.

A frank discussion with your IP not a call centre person is needed to find a way forward.

Paul

Hi cazza - welcome to the forum.

As Paul has said above, you need to request a discussion with your IP. It may mean a variation meeting is called as your circs have made it harder to pay the IVA and you may find your creditors agree with any changes that need to be made.

Let us know what your IP suggests.

hi,

its my ip that rang me, what i dont understand is why didnt they put our payments up when i was in my new job instead of telling us now we have another 18 months on top of our last year, its really gutted us we have never asked for a payment brake till last month when i got a ni bill for £456 and they said no an ill have to pay for it out my shopping money lol

Might I ask who your firm is ?

freeman jones

something else ive just noticed is my debts was

£20,500

£322 x 60 months = £19320

plus this £5888 = £25208
in an iva i thought you got so much wrote off not pay an extra £5000 on top???

i thought this iva was going to good to be true,

Was £20500 what you were expecting to repay, or was that the total of your original debt?

thats my total debt i went into the iva with

Some people do manage to pay off 100% of the original debt, plus fees. If your disposable income works out that way, so be it. Remember though that you haven't been lumbered with all the interest and charges in the meantime, which, over 5 years, at the silly rates they are charging these days, could easily have been the same again !

I would ask them for a written break down of where they have got their figures from, in the first instance. Then you will have something in your hand to analyse and, possibly, use to take a complaint forward. Your IP doesn't sound as it he wants to be too helpful!

thanks

we really dont want to go bankrup so will have to pay the extra 18 months, wish they had just put my payments up when i was earning more, can they bring my payments down now im out of work an have another child plus cost of living as gone up so much in the last 4 yrs???

you'll need to do a fresh I&E for them to work out what your payments will be moving forward but they will still want the monies owed that should have been paid during the time you were earning more if that makes sense, but like Foggy says, ask them for a full breakdown and sew how you can then manage to work this into your current budget

what do you mean sew how you can?
we no we have to pay the money from when i was working just wish they put my payments up at the time, its just all my bills have gone up and money has gone down they rang me sometime last year as they said i couldnt afford my payments but havent done anything about it, they said after all our bills n shopping we only have £183 for iva but it never changed from £322, ill ring them tomorrow and see whats whats,

I think lem meant 'see how you can'.