Started an IVA & think it is a mistake!!

Carosel_2

Hi, I've posted before - just started an IVA in June this year & already I feel as if we're struggling. I earn a good salary but hubby is self employed and his business has been hit by the recession. My contribution to the IVA is the highest but hubby is supposed to put £400 in the bank each month to cover his but this isn't happening. When we got the IVA sorted they did say that we could ask for a small reduction if we found it difficult. Has anyone else asked for this reduction and would they be compliant? We are with PayPlan and they have been very fair considering our debt but I am flooded with fear every month now in case I can't pay our bills. I know our life insurance is very high £86 so need to reduce that and I am cutting back on daily living but I didn't realise how worried I would still be.
Can anyone advice out there? Thank you.

Tixy

Hi

Might well be worth posting on the IVA section of the forums, as you'll probably find more people who are actually in an IVA there.
But you can certainly request a reduction which will then have to be considered by the creditors again. Sometimes it will be agreed, sometimes not, it will depend on the reason for the decrease and the amount you are projected to repay compared to your total debts etc.
What is your total IVA payment a month?

How much can husband realistically afford as his business is at the moment? Aside from the life insurances are your living costs/household bills coming in under the budgeted figures for each area?