my monthly payments must increase ?

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Noel.he

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Post by Noel.he » Wed Jul 28, 2010 10:29 pm
Hi, my IVA supervisor has instructed me that my monthly payments must increase using 50% o my cost of living rise. They do not seem to take into account the substantial increase in my basic expenditure. Is this correct? I have also had to pay substantial sums which I had to borrow from family to pay for major car repairs. Should these loans be taken into account. All I can see and hear is that I am earning eg £2000 more so I have to pay £1000. Worried!!!
 
 

plasticdaft

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Post by plasticdaft » Wed Jul 28, 2010 10:34 pm
Any extra expenditure that has resulted in borrowing from family members should have really been discussed with your IP ,but if you have proof of extra expenditure then that should be taken into account.

It works both ways with a cost of living pay rise comes an increase in the cost of living!!!

Dont let your IP or his minions bully you.

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 » Wed Jul 28, 2010 11:10 pm
It really depends upon the wording of your proposal or creditor modifications. HMRC insist that the increase is taken on salary before expenditure, rather than bottom line, so you could be unlucky to have those terms.

Check your own specific documents to be sure or have a chat with your IP.
Regards, Melanie Giles, Insolvency Practitioner
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