Do I have to notify my IVA company

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Bob.1

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Post by Bob.1 » Sun Jul 25, 2010 9:07 pm
I am on an IVA and my fixed mortgage payment is due to go down in the next 2 months. My disposible income is currently £300 per month after working 70 hours a week. Once my mortgage payment goes down this will give me an extra £400 per month. Do I have to notify my IVA company because I need this extra money?
 
 

Shining

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Post by Shining » Sun Jul 25, 2010 9:10 pm
Hi Bob and welcome to the forum, your IVA company will need to know any change in circumstance. Was the reduced mortgage not taken into account at the onset of the IVA.

I had to pay 24 months at one payment and then this was to be lowered or upped when the fixed term came to an end? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

back on track

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Post by back on track » Sun Jul 25, 2010 9:16 pm
my iva does not state any change in payments when my fixed rate ends at the end of next year.
what normally happens as my rate will drop even if the intrest rate goes up
cc received 6th January 2014 now upwards and onwards
 
 

Shining

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Post by Shining » Sun Jul 25, 2010 9:21 pm
Mine was factored in from the beginning so not sure how other companies deal with it, maybe one for the professionals. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Adam Davies

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Post by Adam Davies » Sun Jul 25, 2010 9:23 pm
Hi
I would consider slowing down at work once your mortgage decreases. You must inform your IP of any changes like this and fill out a fresh income and expenditure form. Your income should really be based on your basic net pay
Regards
Andam Davies
 
 

plasticdaft

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Post by plasticdaft » Sun Jul 25, 2010 10:38 pm
Was your IVA set up with your disposable income set from working 70 hours per week??

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 25, 2010 10:56 pm
I absolutely concur with Andy - no one (apart from busy IPs of course!!) should have to work a 70 hour week, and if you can reduce this down as you will not need to rely on that money so much your IP should be fully supportive.
Regards, Melanie Giles, Insolvency Practitioner
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