www.iva.co.uk

Hello

I have just completed my 1st annual review(I&E). My income is basically the same but the only major increase of my outgoings is my gas/electric. My iva company have calculated that my surplus amount is £16 less than the 1st year.

In this situation is it normal for payments to decrease for year 2.

Many thanks.

It is if your income is the same but your bills have increased.

It's an affordable solution, they will have surplus so be pleased to have the reduction! Who are you with?

So I have nothing to worry about for year 2 of my IVA. Do they not have to get the creditors involved if the monthly payments have to be reduced due to bills increasing.

There is usually a clause allowing reductions of up to 15% without referring to the creditors.

Most firms would have left the payments alone and would have reduced the payment only if challenged, so it would seem you are lucky.

Thanks for your quick replies. With it being my 1st review I just wasn't sure what the procedures where.

I am glad this forum is here cause everyone who takes time to reply with advice are very good people.

I would perhaps just double check your paper work, some IVAs (like mine) will say you need to make a minimum of 60 payment of £X per month. Or may insist on a minimum dividend. In this case you may need to either make up the shortfall throughout the term of your IVA or add it on to the end.

Hello mole

I will double check the paperwork. Can I ask who you are with.

cleardebt mark