At last years review due to a number of bills increasing etc my IP reduced my monthly payment by just under 15%.
This years review is due in 4 weeks and my costs are up again mainly due to now buying monthly train tickets instead of an annual season ticket (Covid related - due to employer not doing loans for annual tickets now). The increase along with a number of other small variations up and down comes to about 12.5%.
Are the IP only allowed to make the one 15% reduction during life of the IVA? eg: can only reduce to 15% less than starting IVA monthly payment. Or can the monthly payment be reduced by up to 15% at each review?
They can only drop to 15% below the originally agreed payment, over the life of the IP, without reference to creditors. They can go to creditors to see if they would agree to reductions over 15% going forward.