Iva 2 June 2020 at 8:03PM in Bankruptcy & living with it 5 replies 121 views

Gabba80

Hi
I have to an iva with payplan and I'm having issues they keep putting up my repayments . I'm open and honest with it and the budget plan is filled out to the best of my knowledge they are putting up my payment"s up £150 to £344 me and my wife cannot be afford that and struggle to pay the lesser be amount. Is there anyway to we can do it something to the budget or something else to make the repayment less (loophole's)

Morfx

Unsure on IVA's, but watching with interest.. If you can't afford it, you can't afford it.. You shouldn't need loopholes..?

sourcrates

Hi,
Your post lacks detail, but your payment will only rise after your annual review, and only if your budget allows for it, usually, if your income rises, a similar rise in outgoings removes this problem.

mwarby

I hope it goes without saying, that increases in expenditure should be genuine increases, due to increased cost of living. OP I do wonder if you captured your original budget correctly, it sounds like perhaps you have expenses which aren't covered, which are causing you problems

jessboots

Did they say why they’re putting it up?
if you’ve had a pay rise or your daily living costs have reduced eg you don’t have a car or child at home anymore, that could be a reason?  

We’ve been through it, the Iva works out the bare minimum for you to live on, and allows you to keep that, but everything else goes to the IVA practitioner/debt. It’s harsh but fair. Ask if they’ve made a mistake. 

Gabba80

Well after along conversation and repeating myself toyto payplan youhyou to include your partner's out goings credit card,loans overdraft ect which if they include them has they should because my iva is on our combined income my repayments should be less than before the rises..