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Posted: Tue May 17, 2016 3:25 pm
by Annad0120
we have taken out an iva in 2014 on the basis of a 5 year plan we are now being told its 6 years and they demanded to know our income and expenditure for this year and have doubled our payment fron £150 to £300 per month we were NEVER advised of this ... we were told it would be the same amount for the term. Is this allowed ?
Posted: Tue May 17, 2016 3:35 pm
by kallis3
Hi and welcome,
Has you income increased this year? If so then it would increase.
You will have to do an annual review throughout the IVA.
If you cannot afford it then challenge this with the company.
Posted: Tue May 17, 2016 3:44 pm
by Foggy
The details will be in your proposal agreement. In all IVA's the payment increases when ( if ) your income increases ( usually the payment will go up by half the pay rise). The extra year is also standard if you own your own property, to address equity. This will also be in the proposal.