Posted: Wed Jun 13, 2007 12:46 pm
once an iva is set up can you add extra bills to it?
You will have at least a yearly review, and you will be required to redo Income & Expenditure as part of this. So you will be able to add/change things at this stage. Or if there is something major that needs sorting inbetween you can request a review of the I&E with your IP.
Generally speaking, if increased expenditure cant be matched by an increase in income (ie a shortfall occurs and you can no longer meet your monthly IVA payments) - then this can normally be dealt with in one of two ways. If this meant, for example, there was upto 15% percent reduction in monthly contributions then you could probably arrange to pay additional contributions at the end of initial agreement upto a maxmimum of 12 further monthly payments to cover the shortfall. If its something more major, a variation meeting would have to be called and the proposal would have to be agreed to again by your creditors - in the same manner the initial agreement was approved. There would be no guarantee your creditors would agree.
You are also normally allowed to miss upto 3 payments during the 5 year period, which can be made up at the end of the initial agreement - if say there was a temporary and unexpected bill or change of circumstance (ie loss of employment etc).