www.iva.co.uk

We have recently had the first annual review agreed and are continuing to make the same monthly payment into the IVA as agreed at the start.

However, the food allowance that was agreed initially per month doesn't really cover our monthly shopping bill. Family of 4 (2 adults, 2 kids under 7 y/o)
The monthly allowance we were given was <£500p/m but we spend nearer to £550p/m.

With the recent increase in food prices would we be able to increase that allowance at the next review if it means reducing the amount we pay to the IVA?

Hi,

You need to speak to your IP if you are struggling - they will be the ones who can advise as to whether or not you can increase your allowance.

The thing is, we are not really struggling as we are covering the shortfall from the allowances that they suggested we claim for to make it all affordable at the outset (pets, newspapers, sundries etc). However, I am wondering if in general when your expenses increase does that mean your payment in to the IVA automatically decreases ?

Unless you need to reduce your payments because you can't afford things, you will continue to pay the amount agreed initially. If you have a payrise then you may have to pay more across depending upon whether your expenditure has gone up or not.