Posted: Fri Sep 07, 2007 11:00 am
Hi All
I,m 15 months into my IVA and my wife lost her job a few months ago but has found alternative employment. However our nett income per month had dropped by £500 due to her earning less money. We've just done our first annual review and our IP has replied saying that we do not have to increase our contributions as there is no surplus income. He seems to have ignored the fact that not only is there no surplus, indeed we are £500 per month down!.and has kept the payments the same. The question is a) what chance of reducing contributions now as our income has dropped (we're only paying back 24p in £) or b) would I be allowed to sell our house and use all equity to repay balance of future contributions? (we do have a 4th year equity release)
Cheers
I,m 15 months into my IVA and my wife lost her job a few months ago but has found alternative employment. However our nett income per month had dropped by £500 due to her earning less money. We've just done our first annual review and our IP has replied saying that we do not have to increase our contributions as there is no surplus income. He seems to have ignored the fact that not only is there no surplus, indeed we are £500 per month down!.and has kept the payments the same. The question is a) what chance of reducing contributions now as our income has dropped (we're only paying back 24p in £) or b) would I be allowed to sell our house and use all equity to repay balance of future contributions? (we do have a 4th year equity release)
Cheers