Help, I'm really struggling with my IVA.

Paul150

I am struggling to pay my IVA each month at the moment. Can I reduce the payments each month? Can I end my IVA early without becoming bankrupt?

Bankruptcy, although probably would be better for me right now, is not an option as I am going to be going for a CIMA qualification next year.

serenity34_2

It's very difficult to advise without knowing more of your basic circumstances. How long has the IVA been running? How much do you pay in each month? Which IVA firm did you use? Do you have any assets? Etc..

It is possible to ask for an IVA to be modified but this will usually involve additional charges and will need the agreement of your IP.

If you don't have any assets then neither the IP nor your creditors ( unless you have debt to HMRC ) are likely to declare you bankrupt. If the IVA fails ( usually after 2 payments but this varies ) then essentially you are back to square one with your crditors in terms of them being able to add interest / charges and sue you via the county court ( there;s no guarantee they would definitely sue though...would CCJs affect you going for the qiualification? I'm not sure but would recommend you double check ).

You may be better off discussing your whole situation in detail with an adviser at National Debtline on 0808 808 4000 ( free number, free, impartial advice - they are open again tomorrow )

Whitetornado

Hi, We were in the same position as you, struggling with our payments. We phoned our IP and went through our I&E with him and he set up a variance meeting with greatly reduced payments. we have just had it accepted which was a surprise actually but we are relieved and everybody seems happy all round, so give your IP a ring it worked for us.

Nick700

Nowadays, usually if someone who is an IVA has a genuine change in circumstances, such as having to take a pay cut, then creditors are sympathetic to this and will consider a variation with a revised payment that is affordable.

As previous poster says, contact your Insolvency Practitioner who may well be able to propose a variation for you and therefore prevent your IVA from failing!

Nick

loopylass81

I was the same and in the end we opted for a variation it cost but it is better all round!

Charco_2

It's worth noting that a variation to your proposal wont cost YOU!

The IP's fees will be affected by virtue of the fact that he is having to out a bit more direct work into your case but this increase in fees will be thrashed out with the creditors, not you!

You'll simply continue to pay the agreed amount of reasonably affordable disposable income... the only direct change could be a decision to extend your proposal by a year to perhaps make up the difference!

Nick700

Hi Paul,

Am wondering how you are getting on with your variation?

Would be great if you could post an update to this site.

Thanks,

Nick