Hi vicki and welcome to the forum
That is such a material jump from £272 to £400 that both you and your IP ought to have known it was unaffordable at the time of the creditors meeting. Where on earth was this increase going to be funded from?
I appreciate that you felt that there was only one way out, and have now had time to reflect appropriately - and you should seriously consider whether an IVA is worth an ongoing financial struggle for the next 5 years, when it was the very thing that was supposed to take you away from that.
You must discuss your concerns with the IP immediately. If IPs have doen their job properly, there should be none, or only minor adjustments. The fact that so many people are being pushed into unfairly high monthly contributions, indicates that creditors feel this work is not being done properly and whilst debtors continue to accept these increases it sort of proves the creditors point.
Do you own a property? If not, then it seems that bankruptcy proceedings might be an appropriate way forward for you. Discuss this again with your IP before you finally decide.
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