I doubt you will get any money back if the payments go up again. You might be able to alter payments after speaking to your IP, but anything else will be subject to a new I&E.
I think a lot of us will be facing this scenario in the months to come.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am in a similar position my mortgage payment has just gone down by £134 per month I told payplan but they said I didnt need to pay it in !!! When our IVA was approved Northern Rock insisted we went on an interest only mortgage and all the saving be paid into the IVA.
We pay £866 per month between us.
I almost dont beleive them so I am going to put this money away in case they decide later that they want it. Or if the interest rates go up (which I am sure they will) I'll use this money to cover it.
The guys are spot on. Essentially any impact on your monthly budget that will be long term and not just a one off will effect your IVA contributions. This works both ways - whether your income decreases or expenditure goes up - your IVA contributions will reflect what is leftover and if your income goes up or your expenditure goes down (as in the mortgage interest rate) then your contributions go up. Either way, its always important to inform your IP straightaway.