Iva

scootw1

sandralovescats wrote:

The one argument I have against the CAB is that they persuade people into an IVA instead of bankruptcy where bankruptcy would be the far better solution.

Your food should never have been set as low as £75 per month, it should have been around £400.

Now particularly that we have had 3 interest rate hikes in a few months, with more to come, a lot of people are going to be in big trouble with IVA's and will have to go bankrupt.

I agree. This IVA sounds worse than the one I had.

scootw1

Dotster wrote:

When we set up the IVA there were some things like fuel that we underestimated. When we asked for this to be taken into account in the review we were told no adjustment would be made. I actually regret jumping into this IVA. We weren't behind in any of our payments but I could see trouble ahead and so rang this company for advice, they made this seem so easy that we went for it. We should have gone to the citizens advice or something but too late now. The mortgage interest rates gone up twice and is set to go up again but they couldn't care less. They allow us 2.50 a day for food, that's joint not each and it's amazing how much you can save by adjusting they way you live. £75 food that's per month. So you can imagime, family meals etc don't come round that often.

It sounds to me as if your IP isn't doing the job that you are paying them for.

robo2000

I am new to the board however, experienced in the matters of an IVA being in one for the last 2 years. I have, however found that when I declare all changes to income, bonuses and changes in bills. Specifically changes in fuel bills my IP upon review has reduced my payments to suit the new budget. My IVA allows £400.00 per month for food alone.

I found it a struggle, specifically with the changes in rates to meet my IVA payments, but have declared this immediately and they have been very good. Communication seems to help in these matters.

james32_uk

It's definately worth checking, but chances are youre with one of the more nastier IVA providers who front load their fees. It's possible that the first £8k-£10k you pait to your IVA went solely to them as fees.

In the long run it makes no difference to you unless you want to settle it early as your creditors are the ones who suffer with no payments for c.12 months. Even if settling early you'd probably find you'd have had to pay the majority of the total IPs fees then anyway.

Dotster

I'd like to thank everyone who has replied, just speaking about it has made me feel better as we've kept this quiet from friends and family and it's a nightmare when birthdays/Christmas and special events come round. Our IVA is with DFD and I have to say haven't found them particularly helpful.