Variations over the course of an IVA

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mortysill
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by mortysill » Sat Jan 14, 2012 1:22 pm
I am 6 months into my IVA. My IP office is nowhere near as interested in me now as they were pre agreement! My concerns are:

1. Interest rates will start to increase at some point in the future and therefore my mortgage repayments will also increase. Will my creditors allow a decrease in my IVA payments in the future? At the moment the dividend is 60%.

2. My net income increased by about 3% in December, 2011. I reported this to my supervisor who asked me to resubmit an I&E statement. I haven't done this yet because increases in my pension contributions in April, will wipe this out. Is this OK? Should I be putting aside 4x the monthly increase?

3. I understand the review date for the IVA is the anniversary of the agreement coming into force (July, 2011), will I be able to push to increase my food and fuel allocation since they were based on a standard tariff which are well below my living costs?

 

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MelanieGiles
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by MelanieGiles » Sat Jan 14, 2012 1:31 pm
Hi there and welcome to the forum

What a shame that do feel that you are not getting the appropriate support from your IP.

No-one can tell you when and what effect rising interest rates will have. This is something to be tackled if and when it occurs - at which time creditors will have to take a global view as to how they will treat this as it will affect all homeowners subject to IVAs. With a 60p in the £ dividend you definately have scope to negotiate reduced payments.

Payrises should only be taken into account at the annual review stage, unless they are material and would make a real difference to your payments. A 3% rise will probably not - and as you say your pension contributions will negate the increase. Just drop an e-mail to your IP to explain this.

With regard to your expenditure, this should always be based on what you actually spend rather than set allowances. The CCCS allowances are reasonable in terms of housekeeping costs, so if you are spending in excess of these sums you will need to justify why your particular needs are greater. Fuel costs can be easily substantiated, so you should be allowed to spend exactly that which you incur.
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