we have taken out an iva in 2014 on the basis of a 5 year plan we are now being told its 6 years and they demanded to know our income and expenditure for this year and have doubled our payment fron £150 to £300 per month we were NEVER advised of this ... we were told it would be the same amount for the term. Is this allowed ?
Has you income increased this year? If so then it would increase.
You will have to do an annual review throughout the IVA.
If you cannot afford it then challenge this with the company.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
The details will be in your proposal agreement. In all IVA's the payment increases when ( if ) your income increases ( usually the payment will go up by half the pay rise). The extra year is also standard if you own your own property, to address equity. This will also be in the proposal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014