Posted: Tue Sep 11, 2007 9:22 pm
Hi, found out today that I'd had my IVA accepted but with some modifications.
1. They want me to remortage in year 4 to release the equity in my house which is fine I'm ok about that.
2. They want to increase my payments by another £40, and I really cannot afford it!
In my expenditure they set out £100 for a contingency allowance and two of the creditors thought this was too much. The person whom I spoke to at my IVA company looked at my expenditure and felt that yes this was quite high but felt that in other areas the allowances I'd been given were low i.e clothing allowance I was only given £75 and there are 7 of us to clothe.
He is speaking to the creditors tomorrow to try and negotiate but its not looking hopeful.
Don't know what to do if they will not budge as I know that extra £40 will probably mean the IVA may end up failing.
1. They want me to remortage in year 4 to release the equity in my house which is fine I'm ok about that.
2. They want to increase my payments by another £40, and I really cannot afford it!
In my expenditure they set out £100 for a contingency allowance and two of the creditors thought this was too much. The person whom I spoke to at my IVA company looked at my expenditure and felt that yes this was quite high but felt that in other areas the allowances I'd been given were low i.e clothing allowance I was only given £75 and there are 7 of us to clothe.
He is speaking to the creditors tomorrow to try and negotiate but its not looking hopeful.
Don't know what to do if they will not budge as I know that extra £40 will probably mean the IVA may end up failing.