cost of living increased but our income has not

[missj]

we currently have an iva which has been going for 22 months, our monthly income was assessed at 2400. and our disposable income was 920. which is what we have been paying the iva since its commencement,our out goings with cost of living increases, etc have increased but our income has not, we are finding it difficult to maintain our current repayments and would like to know if our repayments could be reduced. we have already been told that if we receive extra income that we have to increase our payments to the iva. this seems unfair as the amount owed does not get reduced despite the increase repayments. the amount we owed originally was about 56000. the repayments that we would make over the five years would come to this figure so apart from having the interest on the debt frozen and written off at the end i cannot see how we have had any savings made to us on what we owed.

[MelanieGiles]

Hi missj and welcome to the forum

Your monthly repayments can be reduced, but this can only be done with the agreement of your creditors, so your IP will need to call another creditors meeting to ascertain their wishes.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk