Its that time of year again when I have to renew both mine and my wifes car insurance. We are both into the second year of our IVA and our I&E was based on last years insurance prices. However, Ive spent days searching comparison sites etc for cheaper insurance but the price for both of us has rocketed up. Our renewal prices is a combined £600 extra. after searching the cheapest is still £500 more than last year.I was wondering if the extra money I will need to pay can be deducted from my contractual IVA payments or do I have to wait until next years review? I know its only about £40 a month extra but as you will all be aware that is a fair amount whilst in an IVA.
It's best to talk to your IP personally about this - usually there is a small amount of flexibility in your arrangement, but he will need to look at all the details before you reduce. I wish I could help more, but this is one of those things that some people are allowed to do, and others aren't.
Skippy is correct, the IP can usually reduce payments by up to 15% without going back to the creditors.
Check what it says on your report, but do give the IP a ring.
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
That is a large increase. Is there any particular reason for this? If you genuinely have found the cheapest quotes, your IP will have to accept the figures.
