IVA review

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Fallenhero

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Post by Fallenhero » Fri Apr 03, 2009 10:03 am
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Just a quicky....if i started out paying 200 pounds an month into a IVA...then got another job so my income went up and i needed to pay more into IVA and then the yearly review came up and the fixed monthly goes up to say 300 pounds per month...what happens if i lose my job and take out a lower paid job...am i stuck on 300 a month to pay or will i be allowed to go back to the start figure of 200 pounds a month which i agreed to...hope that makes sense
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kallis3

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Post by kallis3 » Fri Apr 03, 2009 10:37 am
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It does make sense.

If that were to happen, you would have to get in touch with your IP and inform them of the drop in income and I presume do a new I&E form for them to reassess your payments.
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.
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http://kallis3.blogs.iva.co.uk
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MelanieGiles

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Post by MelanieGiles » Fri Apr 03, 2009 11:00 am
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You can always revert back to the original IVA figure at any time if your circumstances change, but your IP does need to agree to this of course.
Regards, Melanie Giles, Insolvency Practitioner
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