iva extra costs

[sportfish]

hi can anyone give me advice i have recently completed my annual review and my iva company want me to pay 3k despite my outgoings increasing if i have to keep increasing my payments i will be paying an extra 10k on top of my original debt. i simply cant do it help

[aguise]

Hi there
Why do they want the extra money have you had a large rise or earned overtime.

Ang

[sportfish]

yeah my pay increased this year so i can see why but my expenses have increased purely due to inflation ie my gas has gone up from £30 per month to £55 per month as apparently last year i wasnt paying enough. pluss childcare costs have gone up. so in essence i am no better off. each month i spend 2 weeks penniless, thought an iva was su[pposed to help.

[MelanieGiles]

Make sure your IP knows about the increased expenditure. This must be taken account of before any increase in payments is demanded.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

If you have legitimate expenditure increases these should be offset against your salary increase.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva_squirrel]

Hello,

You should keep the Supervisor informed of any changes during your IVA. A revised income and expenditure schedule can be requested, based on the change in circumstances. If necessary, the Supervisor will call a further meeting of creditors to request a change to the original payment plan.

In your case, that will not be necessary, expenditure increases should be offset against your salary increase.

Kind regards,




Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[iva experts]

As others have mentioned I definitley think that the way forward is to contact your I.P and let them of the increased expenditure.

An IVA is supposed to offer an affordable monthly payment but this cant be done if your I.P isn't aware of any changes.

Best Regards. IVA Experts