Can I change how much I pay to my IVA ?

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chris929
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by chris929 » Tue Dec 19, 2017 5:58 am
Hi I’m in an iva and my outgoings have increased. Can I change how much I pay to my iva?
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kallis3
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by kallis3 » Tue Dec 19, 2017 7:42 am
Hi,

You will need to speak to your IP and do a new income and expenditure review and they will sort things out for you.
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Foggy
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by Foggy » Tue Dec 19, 2017 7:48 am
Much will depend on why the outgoings have increased and how much flexibility there is in your current payment. Most arrangements allow the IP the discretion to reduce payments by up to 15% without recourse to the creditors.
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Lisa Thomas
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by Lisa Thomas » Tue Dec 19, 2017 11:41 am
Your IVA contributions are based on the balance you have available after paying your reasonable living expenses, excluding the IVA payments.

As stated above you need to notify your Supervisor of the changes and have your I&E reviewed by them.
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