Matthew Brassington is a busy IVA Case Administrator at Harrington Brooks. His role involves assisting the Insolvency Practitioner with the supervision of cases once an IVA as been passed. Matthew mainly deals with preparation of IVA variations.
Matthew says: – Working in the IVA department of a busy debt solution provider can be tough, but it also has its rewards. I can recall a recent client who called as she was struggling with her monthly payments, due to an increase in her outgoings. Here is her story-
Creditors agreed to Mrs G’ offer of £158 for five years and the client entered into an IVA in October 2010. Whilst in the IVA, the client came into some money and paid it into her IVA. Unfortunately, the client expenditure continued to increase, despite her income remaining the same.
Mrs G called in June 2012 to advise that she was struggling to maintain her payments into the IVA and asked if there was anything that could be done. I conducted a full investigation into her income and expenditure and determined that the IVA payment was now unaffordable. I then went through a number of options with the client and advised that the best option would be to see if the creditors would allow Mrs G’s IVA to finish early, as she had paid in additional funds.
We understand that whilst people intend to see their case through to the end, if their circumstances change (sometimes for the better) we will explore all options with clients if things take a turn for the worse.