Change of circumstances

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peter88
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by peter88 » Mon Jun 26, 2017 12:03 pm
Hi guys,I'm on IVA for 2 months, my rent has been increased, the IVA company wants to assess my current situation, can they change the amount I'm paying before the first annual review is due?
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Michael Peoples
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by Michael Peoples » Mon Jun 26, 2017 12:10 pm
Your payments can be reduced by up to 15% without creditor authority so perhaps this is what your IP is considering. It would make things much simpler.
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kallis3
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by kallis3 » Mon Jun 26, 2017 12:15 pm
You need to sort it out - give them a call.
peter88
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by peter88 » Mon Jun 26, 2017 12:37 pm
Thanks, yes I did call them,they want new rent agreement, utility bills etc,although I've said I'm happy to pay the same amount they still wants to assess my current situation; thanks for answering.
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kallis3
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by kallis3 » Mon Jun 26, 2017 12:56 pm
Glad you spoke to them - they will need to see your new bills etc.
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Michael Peoples
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by Michael Peoples » Mon Jun 26, 2017 1:02 pm
Good to see that your IP is concerned about ongoing affordability and personally I think a review is a good idea.
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Foggy
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by Foggy » Mon Jun 26, 2017 3:14 pm
I agree with the above. You seem to have a helpful IP. If he does reduce your payment, get confirmation in writing that this will not lead to an extension of the term (It should not, but we have had rare instances where an IP has tried). As laudable as it is to try to keep the repayment at it's current level, if offered the non-repayable reduction, it is better to take it rather than try to stretch yourself too much --- you still have a fair time ahead of you.
peter88
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by peter88 » Mon Jun 26, 2017 5:33 pm
Thanks!
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