www.iva.co.uk

i have had my iva for over a year now and household/energy and petrol prices have risen, and my payments to the creditors have remained the same,is it possible to have the payments lowererd?. i need all kinds of things for the house white goods etc, and new windows and doors as the current ones are letting in rainwater, i do earn overtime but the creditors take half can i keep more as it will take years for me to save the money required to have them replaced?

Hi John.C you need need to speak to your IP if your expenditure needs to increase or if you need to buy extraordinary items. If your white goods have broken down and expense is crucial now then your payments can be suspended for up to 6 months and added on the end but you need to check if that option was in your original proposal. Your payments can decrease by up to 15% without creditors need for approval but the expense you are talking about exceeds that type of adjustment. You could buy second hand white good for the time being which will be much cheaper and sometimes you can get great deals on freecycle when all you have to do is collect.

Your IP will be able to best advise you on what is possible for your case - ideally they would have been advised if things like your windows were in such poor state of repair to require replacement as this is such a big cost. Hopefully they can sort something out for you.

regards,

We have been putting off roof repairs for about 2 years now!!!

As Tina suggests,really only your own IVA firm can give specific advice on what payment reductions or breaks would be allowed.

Was your income and expenditure reviewed after the 1st year was up.

Paul