www.iva.co.uk

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

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?

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

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

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.