increase every year is this correct?

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doreen1953
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by doreen1953 » Tue Jan 19, 2010 12:19 pm
Hi there I have been in an IVA for approx 3 years now. Firstly they increased my original term of repayment by 6 months and now, once again, they are asking for my earnings and it looks like they will again increase my repayments. When I signed up to this I was told that the amount they quoted would be for a term of 5 five but they just increase it every year is this correct? Doreen.

 

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kallis3
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by kallis3 » Tue Jan 19, 2010 12:25 pm
Hi Doreen and welcome to the forum.

Your IVA payments are based on your disposable income after your priority bills have been paid. You have a review every year where you submit a new I&E. If your DI has gone up, then your payments will go up. They're not set in stone.

Did they say why they were increasing the term? Had you missed some payments.

 

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Bingobunny
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by Bingobunny » Tue Jan 19, 2010 12:33 pm
Hi Doreen, im in my 3rd year now, and its part of my agreement to have an annual income and expenditure review, i do beleive this is a standard procedure, some reviews are even 6 montly depending on your DMC. I have just had my 3rd and my payments have not changed at all over this time. However i know if your disposable income changes then they take that or 50% of any bonuses etc. I generally always feeling worried and stressed each time at the time of my annual review, however generally everything has been fine.

 

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Adam Davies
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by Adam Davies » Tue Jan 19, 2010 12:38 pm
Hi
An IVA is based on disposable income so payments may change during the five years as you disposable income changes
Regards

 

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ashb
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by ashb » Tue Jan 19, 2010 6:51 pm
Yes Andy but only if it goes up???

 

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MelanieGiles
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by MelanieGiles » Wed Jan 20, 2010 2:26 am
You should actually check the terms of your IVA, because not all of them do provide for income and expenditure to be reviewed and payments to be increased.

 

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plasticdaft
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by plasticdaft » Wed Jan 20, 2010 8:23 am
Make sure that any expenditure is correctly updated,dont be afraid to let the IP know that your fuel costs have gone up or that your food bill has increased!!!

 

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kallis3
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by kallis3 » Wed Jan 20, 2010 12:17 pm
I thought everyone had an annual review where the payments were reviewed.

Mine is due shortly, and I know that although my income has improved, my expenditure has gone up by quite a bit. I will be reflecting this when I do my I&E.

 

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orchid5
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by orchid5 » Wed Jan 20, 2010 12:22 pm
I shall defo be putting down my four legged friend's cat food expenses too as that was something that i didn't claim for, silly me!

 

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kallis3
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by kallis3 » Wed Jan 20, 2010 12:29 pm
I claim for dog food and insurance for both of them.

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 12:05 am
I think that the majority of good IPs, have always provided for their clients income and expenditure to be reviewed annually, and certainly since the advent of the IVA protocol this is a surety - but you would be suprised to learn that there are still a lot of cases which do not require the review - not to be confused with the annual report which has always been a statutory requirement.
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