What happens if utility bills etc increase during an IVA? I am three months into my IVA, and my water bill and my car insurance have both increased by more than £20 per month, each. This is a lot of money for me. have others experienced the same feeling of panic when bills go up but your incomings remain the same?? It's starting to be a real worry.
You will need to advise your IP if you feel this may affect your ability to pay your IVA contributions. Most IVA proposals these days will allow the Supervisor to reduce payments by up to 15% with the lost monies being made up by paying additional payments at the end of the term.
