Expenses increase. Should I ask for 15% reduction or wait until 12 monthly review ?

[Clairedtt98]

Hi all, i have been in an IVA for 10 months, since starting my mortgage, car and house insurance has increased by approx £60 per month in total, i am wondering whether i should ask about a 15% reduction in payments or wait until my 12 monthly review, thanks

[Niobe]

Hi and welcome.

Speak to your IP now if you are struggling and see if they can help you.

[MelanieGiles]

Can you afford the contractual payments until the review time Claire? If not, I would ask for a reassessment of your disposable income straight away.

[clairesmiler]

Hi thanks for the replies, I have managed the increase up to now, the mortgage increase has been for the last couple of months, the other two increases have been for longer. I have been doing some overtime so managing to pay the extra at the moment. If i wait for the review, will this go against me? eg ive been managing to pay this extra for a few months so should keep up my current IVA payment? hope this makes sense

thanks

[MelanieGiles]

You should only pay what you can truly afford claire - so I think it is best that you draw this to your own IP so that they can advise you appropriately. There should be no need to struggle unduly - especially at this time of year.