Firstly , can i say how helpful this forum is ..its such a wealth of advice, sound suggestions & moral support .
I have made 42 payments towards my IVA , but am faced with a strange dilemma. My monthly rent has increased by £170, thereby throwing my I&E into a complete mess. I have informed my IP about the increase & was told there wasn't any need to submit a new I&E ( which was surprising) .
My question is : Can i request my IP for an amendment to decrease my monthly IVA payments by atleast £100 monthly ? If they agree to decrease it , does that mean that i will have to ( by default) increase the IVA period to 6 years to make up for this shortfall ?
As I'd rather starve than increase the IVA to 6 years....want to complete this in the next 18 months
Given the age of your IVA, I would suggest that you probably need creditor sanction to a reduction in payments Maya, but this should be relatively simple to achieve.
Why has your rent gone up so much - that rise seems enormous, and how much are you currently paying into your IVA?
Thanks Melanie, I pay £410 monthly .
Do you suggest that I should pursue this ? as I really don't want to extend my IVA .
I have a private landlord who hadn't increased my rent in the last 2 years ...
Thanks again
m
I think that you need to speak to your IP to see if they are prepared to put a variation forward for you. Given the enforced rent increase, I would not have thought that this would be a problem.
