HI,
My Income and Expenditure is due to change due to my wife being pregnant. Over the last 3 years my income has increased and thus each review my payment has increased. However they have always worked on working out my surplus income and adding 50% of the said surplus to my repayment amount. Leaving the other 50% availble to me. My IP has reviewed our projected new I&E(without my wifes income) They are looking to reduce my current payment to a figure still larger than the original figured agreed within my agreement, however now want to take 100% of our surplus. Is what they are suggesting fair or correct? Any advice appreciated. thanks in advance.
It really depends upon the wording of your specific IVA documents, but remember the key to this must always be affordability. If you feel that the IP is asking for a payment you will not be able to afford, then you must raise this with them at an early stage. No-one will want to see an IVA failing which has gone more than half its way to completion.
I agree entirely. It's not common to change the system used to calculate income reviews mid-IVA, but I'm sure that your IP has reasons for suggesting this. If the new payments are not affordable, then raise this urgently.
