Hi. Our mortgage is apparently going to drop £150 as our fixed rate is coming to an end. Will we be required to pay 50% into our iva? We are assumming so. Thanks
You will need to inform your IP of the change ad depending on the wording in your proposal document some or all may be required for the benefit if your creditors.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Technically its probably all extra income but as is suggested a look at your whole income and expenditure may allow some of the extra to be offset against rising costs.
Talk to your ip about a review.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I would expect to see a 50% increase - which is more than fair given the circumstances. If you have increased expenditure, your IP may want this funding out of your 50% share.