IVA help

nickwilks7

i recently took out an iva (3 months ago) after i couldn't pay offmy £24,000 debts!
set up a £200 a month iva, but this is still a problem as i am back in my overdraft and struggling for money.
is it possible to reduce my original monthly agreement?
or would bankruptcy be the best option?

any help is much appreciated

flossieflipflop

Hi,

Sorry can't help with your question but there is a board specifically for IVA's where people might have more knowledge about your situation so you could try posting there.

Hope you get the answers you need

DevonGirl

I would suggest ringing CCCS to discuss this with them. They are a free charity and pretty fair and non-judgmental in my experience. As Flossie says, the IVA/Bankruptcy experts hang out on another board - sure they'll know more about this, and how to approach your extra debt accumulated after your IVA had been arranged.
Good luck!

Tixy

Well you firstly need to work out why you are back in your overdraft. You are obviously spending more on something than your IVA budget states. So you need to work out if the budget was unrealistic or if you are simply not cutting back as much as you could and need to.

Who is your IP? If your budget is unrealistically low then it is possible your creditors may agree to a reduction in your IVA repayments, but they will obviously need to understand why it wasn't put in at the right amount in the first place.

If you are overspending still then work out what area you are spending more and people on here can help you work out ways to reduce your outgoings.

MoneyMax

I was in an IVA and when my partner left I was really struggling to keep to the payments, the did reduce the payments. They dont want you to go bankrupt as they lose money from your payments. Just ask them about it, they will most probable need you to complete some sort of incoming and outgoings form.

Good Luck
xx