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By Arron
I am in an iva but they want to put up my payments from 281 a month to 398 a month and I cant afford to pay them what can i do? They say we have money spare which we dont cause we are paying my mum back which is over 3 thousand pounds.....
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By Hayden
Hello Arron and welcome

From what you have said I understand that as well as paying your IVA you are also making a payment to you Mum. Is that right? If that is so then I can see where the problem lies. The issue is that you are no allowed to pay one of your creditors preferentially if you are in an IVA. Currently you are paying your Mum in preference to the other debts and your IP is rightly asking for this money to be paid into your IVA. Is it possible to stop paying your Mum until after your IVA is finished?
By Cara Church
Hi Arron,
The issue lies with the fact that you are using your additional surplus income in order to make payments to your mum, when this money should be paid into your IVA. As Hayden said, it would be advisable to stop the repayments to your mum until your IVA is complete. You would then be able to repay her more, as you would have the money you were previously paying to your IVA too.
This is a difficult problem Arron. Did your IVA company know about the loan you are repaying to your Mum when you started your IVA? How long have you been paying into your IVA? One option might be to allow it to fail and then start an informal debt management plan. This would allow you to continue paying your Mum while still making some payments to your creditors.

The problem with this strategy is that you will probably lose all the payments you have already made into your IVA so if you have made quite a lot of payments already this could be quite painful. However if you cannot stop paying your Mum this might be the only way out I am afraid.
By Arron
I have been paying for 6 months and have been talking to my IVA company about my problems. This is when they asked me to update my living expenses and it has backfired as now they want more not less.... I cannot let my Mum down so I guess I will have to stop the IVA as you say. Can I then continue paying my debts and my Mum? How can I get help with this?
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By Geraldine
Hi there Arron, if you cannot reach an agreement with your IVA Company then I agree that the best thing to do might be to let your IVA fail. Unfortunately the 6 payments you have already made into the IVA will be lost.

You can then start a debt management plan based on paying £281 to your creditors and the payment to your Mum. I would suggest you get help from a Debt Management company to do this. I would give BeatMyDebt.com a call an one of the advisors there will be able to give you the advice you need.
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By Hayden
Hello Arron. If it is not possible to stop paying your Mum and increase your IVA payments as your IP has requested then I think it is probably going to fail. As such you would be better stopping the IVA payments straight away and starting a debt management plan to deal with your creditors while you pay your Mum off. As Geraldine has said, you should speak to one of the experts at BeatMyDebt.com who will be able to help you with this.