Is what IP is suggesting fair or correct?

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Post by Jbucker3 » Mon Sep 06, 2010 9:46 pm
My Income and Expenditure is due to change due to my wife being pregnant. Over the last 3 years my income has increased and thus each review my payment has increased. However they have always worked on working out my surplus income and adding 50% of the said surplus to my repayment amount. Leaving the other 50% availble to me. My IP has reviewed our projected new I&E(without my wifes income) They are looking to reduce my current payment to a figure still larger than the original figured agreed within my agreement, however now want to take 100% of our surplus. Is what they are suggesting fair or correct? Any advice appreciated. thanks in advance.


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Post by MelanieGiles » Mon Sep 06, 2010 10:57 pm
It really depends upon the wording of your specific IVA documents, but remember the key to this must always be affordability. If you feel that the IP is asking for a payment you will not be able to afford, then you must raise this with them at an early stage. No-one will want to see an IVA failing which has gone more than half its way to completion.
Regards, Melanie Giles, Insolvency Practitioner


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Post by liamjames » Tue Sep 07, 2010 10:22 am
I agree entirely. It's not common to change the system used to calculate income reviews mid-IVA, but I'm sure that your IP has reasons for suggesting this. If the new payments are not affordable, then raise this urgently.
Take care,

Liam James
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