Year check

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elff
elff Posts: 194 Forumite
We have been on IVA for nearly a year now they have just asked as to do a income/expenditure report.

Despite us giving them all documnetations/payslips ect they seem to have got all our figures wrong.. they took DH overtime as 'wages' increased child tax credits / housing allowance much more than we actually get? worked out ast an 'extra' £200 a month they have us getting on paper when we dont get.

After folling the calulations they gave us this year and putting in the actuall figures it says we only have 67.76 left for our creditor, our rent has increased as has our fuel costs. All last year we were paying £325.00 We have struggled ALOt and gone without many things.

will they reduce our payment's or as we struggled by last year will they keep them the same? I called to inform them of the rent increase (4 months ago) and was told to leave it until the yearly check?

I am worried that we aill have to spend another 4 years worring about how we are going to feed/clothe the kids :(

Comments

  • sourcrates
    sourcrates Posts: 29,026 Ambassador
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    Hi,

    I myself am 4 years into my IVA, I originally agreed too high a monthly payment and have had to reduce this payment twice now, as i have a growing family (3 kids), you need to speak to the company you have the iva with and inform them the figures are wrong, any legit company will work with you to sort this out, however if you only have £67 left at month end for creditor payments this dosent sound promicing as you normally have to pay a min of at least £250, which company are you with out of interest ?.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • elff
    elff Posts: 194 Forumite
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    We are with churchwood - we are paying 325. at the moment. we dont go out/hair cuts / eat cheaper food etc....

    We are also gettin ALOT of mail saying we could get a better offer elsewhere? would it be worth changing or would we have to still do 5 years else where?
  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
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    Hi elff.

    This mail you are getting will be from BR assist companies. They are somewhat economical with the facts and know nothing of your personal circumstances.

    It is virtually impossible to change IVA companies, mid term. You can let the IVA fail, but will be back to square one with your creditors, and you will have flushed a years time and money down the drain.

    If you took the BR route, any assets you have might be at risk and you might get a payment order for 3 years, so, time wise, not that much faster now.

    I tgink you need to challenge the figures presented by your IP, as, apart from anything else, they are factually inaccurate.
  • GlamGirlie
    GlamGirlie Posts: 432 Forumite
    Debt-free and Proud!
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    Hi,

    Go back to them and strongly dispute the figures.

    Every year Debt Free Direct tried to increase my payments, despite me having no payrise at all and increasing costs.

    Each time I wrote back explaining the reasons why it wasn't viable and each year they accepted my argument and kept the payments the same.

    Make sure you keep fuel receipts and submit them as evidence of rising costs.

    Also ensure you re-calculate year on year costs - DFD wanted me to only use a 10% increase on the starting costs, this despite inflation running at in excess of 5% per year and some things increasing by up to 30% (eg pasta).

    Be very firm with them!
    I am employed as a manager in a financial services institution. My views are entirely my own.
  • harveybobbles
    harveybobbles Posts: 8,973 Forumite
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    If your disposaable income is £60 odd quid a month then they may say the IVA will fail. Which means all the money you have paid in will go to the IVA company andf they will force BR on you.

    You could ask them to extend the term by 6 months.
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