I am dealing with a company just now that advised me when i took out the agreement my payment would go up or down if my wages increased or decreased, I was a tempoary worker when i signed this but the company has now taken me on permanent although the wages are less ( £1500 a year) i informed the IVA company of this but now they are saying they will not reduces my payments as i agreed to pay back (6350) debt was £1200, They have said they will extend the iva to 4 years but will then have to pay back 7050, Are they allowed to do this, I also claimed back 1350 from one of the debters through ppi but the company have advise payments will decrease this either as this one has only went to one company, Any ideas anyone
Shane when you say your IVA can be extended to 4 years what do you mean? An IVA is normally 60/72 months. Was your total debt £12K?
PPI will possibly have been paid to the creditor it was claimed from.
A yearly review is important to assess payments, why not ask for a new income and expenditure sheet as if you're earning less how does your IP expect you to maintain the same level of payment?
One of our professional posters will be along soon with some concise advice. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If the PPI was paid directly to the creditor, this will come off the dividend they will receive and the other creditors will get more.
I'd like to know how long your IVA is for as well. As Lesley says, it is usually for 5 t 6 years although you can propose a shorter one.
How long have you been in your IVA and what company are you using?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
