IVA review - increasing payments!!

smartiedriver_2

I posted this on the debt free wannabe forum but perhaps this is more appropriate?


Hi, I'm brand new here, so this seems best place to start..... my SOA is below. I entered into an IVA in June 2007 with £77k of unsecured debt. I live at home with my parents (age 29, how embarrassing) and have no assets like property, etc.

I work for a bank, so bankruptcy was not an option. I took my IVA through Debt Free Direct.

Problem is, they are now (annual review) trying to increase my IVA repayments to £900 a month. I only got a £100 a YEAR payrise this year, so how they think they can justify this increase is beyond me. I just don't know what to do, can anyone help me please?

Many thanks in advance.............................

SOA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned.................... 4

Monthly Income Details
Monthly income after tax................ 1492
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1492

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 13
Mobile phone............................ 32
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 8.08
Groceries etc. ......................... 40
Clothing................................ 20
Petrol/diesel........................... 200
Road tax................................ 5
Car Insurance........................... 29.56
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25.8
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 19.65
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Income protection....................... 25.76
Specsavers ............................. 10
(Unnamed monthly expense)............... 0
IVA repayments ......................... 643
Total monthly expenses.................. 1283.8


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
Mum - loan for car.............3700......100.......0
Total unsecured debts..........3700......100.......-


Monthly Budget Summary
Total monthly income.................... 1,492
Expenses (including HP & secured debts). 1,283.8
Available for debt repayments........... 208.2
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 108.2

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,700
Net Assets.............................. -1,700

thecableguy12

if your living at home they will allow about 350 try increasing this and getting a letter from ya parents confirming this, this should work

smartiedriver_2

That is a brilliant idea, thank you so much! :T

OrkneyStar

Looking at the SoA you can afford nearly £900.
Paying more to your parents is a great idea (afterall they should not be supporting a 29 year old)....thing is if you can find another £200 for them then surely you can find it for your IVA ? Also the people managing your IVA may want some sort of reason as to why you are suddenly paying £200 more to your parents, and proof of this (eg bank statements) just when he/she suggests you make a better contribution to your £70K debt.
Sorry if this sounds harsh, but be careful you do not make things more difficult for yourself and all the best completing your IVA.