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IVA Income and Expenses form
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Hello i amcurrently in a iva. I sent a digital signature of an updated imcome and expenses form on email to update my bills etc, and they haven’t updated it to the one I sent in September. Do I need to be worried?, as this seeems to be happening every year?.
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Ring them to make certain they update it.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-letter0
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Can they extend it due to my bills going up?. Or will it be ok, due to my minimum payment, which is £120 a month?.
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Yes, your IP has that discretion.ste8765 said:Can they extend it due to my bills going up?. Or will it be ok, due to my minimum payment, which is £120 a month?.
Your payments can be varied, up or down by 15% without the need to call a creditors meeting.
However, unless the creditors approve a permanent reduction in your payments, any sums of money that you miss, because of reducing the monthly payment, will be added onto the end of your arrangement.
£120 a month doesn't seem a great deal to me, how much was your original debt, are you a homeowner or do you rent?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-letter1 -
It has been agreed that reductions will generally be accepted by creditors of up to 50% of current contributions, or £75, whichever is higher.
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Yes, I forgot about the cost-of-living exemption.fatbelly said:It has been agreed that reductions will generally be accepted by creditors of up to 50% of current contributions, or £75, whichever is higher.
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-letter0 -
I will have to read this. I will get back, when I’ve read, and understood it.0
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@ste8765 please would you be kind enough to answer the questions that @sourcrates asked you. Also can I ask who your IVA is with and who you took advice from?
£120 a month doesn't seem a great deal to me, how much was your original debt, are you a homeowner or do you rent?
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My original debt was £40,000, I currently rent.0
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Your minimum payment over 5 or 6 years is barely going to cover the IP and other fees. How long have you been on the IVA?If you've have not made a mistake, you've made nothing1
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I’m paying more, currently £540 a month. But my minimum payment can go down to £120. I’m not sure why, as mentioned Above.
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