ooooooooooh yearly review

steampunk_2

my partner and i have had an IVA with CCCS for a year now-and we have just completed our yearly review form-and it has left me a little worried.we are currently paying 418.00 a month but when we have filled in our review it would appear that our surplus income this year will only be 182.00.
this is because our 42.00 tax credit has been stopped, my partner has need told by the tax office that he owes them 960.00 for the year 2008/2009, and our mortgage payment has always been 50.00 a month wrong.
added to the increase in prices,insurance,gas and electric etc-all of which we can prove,the only extra expenditure is we have asked for 25.00 a month to put towards our girls high school uniform-when she starts in sept-uniform is compulsory,and there is only the one supplier-just buying one of eveything will cost 294.00 without shoe and trainers!
my question is
will they be happy with the 182.00 when they were getting 418.00?
thanks for reading.:eek:

kns_2

The best thing is to ask your IP but I think your IVA will fail.
what are you paying in the pound?

I_try_my_best

I think if the IP can agree a reduction of up to 15% but for anymore there needs to be another vote?

Whitetornado

Hi, We were paying 285.00 per month with our iva for the first 2 and 1/2 years when similar things happened to us. I rang IP who arranged another meeting and our payments were reduced to £100 per month but extended for an extra 12 months.

steampunk_2

kns wrote: »

The best thing is to ask your IP but I think your IVA will fail.
what are you paying in the pound?

sorry, we are paying 29p/ £1.

steampunk_2

Whitetornado wrote: »

Hi, We were paying 285.00 per month with our iva for the first 2 and 1/2 years when similar things happened to us. I rang IP who arranged another meeting and our payments were reduced to £100 per month but extended for an extra 12 months.

Thats great news we could cope with that-don't really want to do the bankrupt route

judojub

Hi steampunk
You certainly need to speak to your IP about this. The sooner the better. It might well be that they would have to hold a variation meeting. Meaning your creditors would have to agree to the drop in contributions.
Get in touch first thing tomorrow and find out where you stand! Also ask them about the tax debt. I am not sure about this but it might be that you are allowed to include it in your IVA.