My salary has not increased but they keep increasing my monthly payments

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helen752
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by helen752 » Sat Jul 08, 2017 5:51 am
I am currently starting year 3 of my IVA. The first year i paid £260 per month. The second year that increased to £380 per month, they did try for £520 but i argued it down. Now my review has just come in for my third year and again its increased to £460 per month. My wages have not changed (I'm a nurse). My rent has increased as have my bills plus cost of living has increased so Im wondering how they can justify these continual increases. If this continues then by the end of my 5 years I would of completely paid the debt off and some more, surely this isnt assisting people with debt problems. Is this the norm for IVA's because it seems to me to be both morally and ethically wrong to say your there to assist people but actually are making their issues and concerns worse.
Anon137
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by Anon137 » Sat Jul 08, 2017 6:05 am
Hi, my payments started at £200 and by year 5 they were £685. When I finish in December, I will have paid back 31k. My debt was 24k. I feel the government aren't regulating these iva's properly. It's more stressful being in an iva, than it was before I started.
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kallis3
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by kallis3 » Sat Jul 08, 2017 6:56 am
Don't forget that you will have saved a lot on not paying interest on your debts and you also have fees to pay.

Helen - argue your corner again and don't be bullied into paying more than you can afford. Furnish them with proof of your bills and also speak to an organ grinder, not a monkey.
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Foggy
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by Foggy » Sat Jul 08, 2017 8:10 am
As Kallis says, get the organ grinder to provide a full, written, breakdown of their calculations and reasons for increase. to support an increase of around £200 per month ( assuming expenses have remained the same) they would need to show an increase of at least £400 net in income.

Might I ask who you are with ?
redboxtree
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by redboxtree » Sun Jul 09, 2017 12:10 pm
Agree with both Kallis and Foggy - your baseline figure is what was agreed when you first started.

Any increases have to be based on a combination of income increase and decreases in expenditure.

They cannot change what was originally agreed regarding expenditure unless they can prove it has gone down.

Arbitrary changes to the "guidance" they are using around allowances would need to be documented BUT if agreed at the beginning of your IVA would still not apply now.
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kallis3
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by kallis3 » Sun Jul 09, 2017 3:49 pm
Just to add as well that the government have nothing to do with an IVA.
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Lisa Thomas
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by Lisa Thomas » Fri Jul 21, 2017 3:25 pm
Did you ask for an explanation as to how they arrived at their figures and did it get resolved?
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