Rent increase

[roadrunners]

Hi all
We live in a privately rented house, and the Landlord has just announced that he is increasing the rent by approx £20 pcm( 4 days after our iva approval!!) Can someone tell me please how this might affect our iva payments - will they have to be re-adjusted to take this into account.
Also I should get a pay increse in April. Do I inform IP immediately, or wait until the annual review. If it is the latter, will any increase to iva payment (due to pay increase) be backdated from Jan 2009(annual review) to April 2008

we'll make it !!

[james.c]

if i were you until april struggle and find the £20 some were else.

Most IPS dont take in to consideration wage increases until the annual review. But should not be back dated

no matter how bad money gets, theirs stll alot more important things in life

[Skippy]

When I was in my IVA I was told that if I received a pay rise I would have to pay 50% of it into the IVA until my annual review when my payments would be reassessed.

Everyone's IVA is different, so the only way to be sure is to read your IVA, and if it's not clear check with your IP. It's better to be safe than sorry - the last thing you need is to get to your annual review and then be hit with a bill for backdated payments!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[iva.com]

Hi roadrunners,

I'm sorry to hear that your circumstances have changed so soon after your IVA was approved.

As Skippy advises you should tell your IP about any changes in your circumstances. Different IPs have different procedures for these things and its always better to be safe than sorry.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[roadrunners]

Thanks very much guys. I'll pass the info to IP as soon as I know

we'll make it !!

[Adam Davies]

Hi
If your pay increase cancels out your rent increase then your payments should stay the same in the IVA.
Do you think that you can pay the extra £20 ubtil your payrise kicks in ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp