I've just had my econd review and my IP has sent me a letter stating they feel I can increase my payments and asking me to phone them. The reprt states that my agreed contributions should have been £17460 and actually totalled £17790, so I'm up to date and doing well! I've just called them and they've asked me to increase my payments by £330 to £830. This is a massive increase and I'm worried that it will leave me scraping for money. I've calculated my payments based on this figure and it works out that if I pay this for the remainder of the iva term I will have paid a total of £37710, when I owed £32100. Is it correct that they can expect more than I originally agreed to pay and can I negotiate the increase of my payments? I've tried to discuss it with them but they're actually quite rude to me.
It is possible to pay back more than you owe but because you still have tp pay IP fees remember which is why it will seem you are paying back more. A 330 pound increase seems very high. Have you had a pay rise?
Last edited by LoneRanger on Thu Apr 09, 2009 7:22 pm, edited 1 time in total.
Hi
You must have filled out a fresh income and expenditure form ?
Did you show a disposible income of £830 ?
Your IP is duty bound to review your circumstances and increase payments accordingly, even if it means that you repay the whole debt plus IP fees.
Regards
Could you possibly have made a mistake on your I&E? I think you should perhaps go over everything again just to make sure.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Hi
It could be that your mortgage has gone down ?
If your mortgage starts to rise again your IP will be able to adjust your payments accordingly
Regards
Hi n p - we need the information from you to see why such an increase has been requested - please answer the questions and we can help you.
Sorry to hear that they were quite rude to you - who is the firm or who is your IP?
Last edited by David Mond on Fri Apr 10, 2009 5:26 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
