I've just completed my 4th annual review, and following my redundancy last year (after which I maintained my payments without any breaks) have unfortunately had to take a job with a lower salary. Add to that increased living costs I am surprised to find that my monthly contribution remains the same!!! Can this be right? I am still waiting for the confirmation letter, and will ask for a breakdown as to the reasons behind this, but has anyone else experienced this? It was my, possibly niave, understanding that if my income decreased then it was the monthly contribution that would take the hit?
I believe your IP has the authority to reduce payments by up to 15% without having to back to creditors, but if your IVA was agreed on a minimum dividend to be achieved and by reducing your payments would mean this wouldn't be met then perhaps this is why?, have you called your IP to ask?
I've been trying for a couple of days but it's quite difficult to get through. I was going to wait for the letter of confirmation but doing the sums tonight i've become quite frustrated and concerned that i'll be short each month, and say for example, I needed a repair carried out on my car, there would be no reserve and this would be one of the things i'd need to cut from my 'budget'. But on the bright side i guess i only have 11 payments to go! [:)] Thank you for your comment, it's much appreciated.
