i am currently in the process of setting up an iva

[muttsnuts35]

i am currently in the process of setting up an iva and agreed a figure of £200 per month the iva has now been filed with the court and the practioner is now telling me that i have to pay £220 per month and increases again as the arrangement goes on is this normal as i was originally told i would pay £200 a month for 5 years i thought i decided what i could afford not the iva company

[MelanieGiles]

Hi there and welcome to the forum

Why are they telling you that the payments have to increase? Has the creditors meeting taken place, and are these creditor modifications?

[Shining]

Hi and welcome to the forum. If the creditors meeting hasn't taken place yet, why not get a 2nd or even 3rd opinion?

There is a lot to take in with an IVA I do agree but it's mainly about disposable income being made available to your creditors xx

[Adam Davies]

Hi
Sounds like your proposal is stating that you have 220 pounds disposable income each month. Have you seen the proposal and the breakdown of your income and expenditure ?
Regards

[kallis3]

It is down to your creditors to decide what you pay once they have looked at your income and expenditure.

I do agree with Lesley though that if you are not happy, speak to some more companies.