www.iva.co.uk

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.

Hopefully you can offset some of the savings to cover things like increase fuel bills etc. (always worth trying).

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

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.