Hello Good evening!!
My Iva was approved in Dec, my Iva form asking me to forward my accounts, Since then there are few changes in few things but i have not informed my IP i thought it was not necessary.
The first thing is my mortgage has come down to £275 from £900. did i have to tell them every month?
second thing is as the mortgage has come down and i work less hours and income has come down in same proportion and my income is so low now. Does this affect in any way as long as i have enough money to pay for my IVA?
Third thing is do i have to make the account monthly??
I would be very grateful if you answer my questions.
You really must tell your IP of the changes in circumstances, even if the end result is that the gains balance out the losses. There must be a relationship of trust between the client and the IP otherwise it is going to be so much more difficult to get through. Hope I don't sound to be preaching!!!!
Thank you john and andy.
Becasuse it was going down monthly and my review is every 6 month. i thought that would be ok to let him know in every6 month with my accounts.
What about if my wages is not exactly same as it was then? I am really stressed, some time i think i should have gone for bankruptcy.
If they are doing six monthly reviews - the first one is now due and it is the appropriate time to advise them of the changes to your income and expenditure. Don't worry, if your income and expenditure have altered it is unlikely that you will be asked to pay any more.
Yes, Finally I spoke to my relationship manager(I have not spoken to my IP at all). He said I din't really have to let them know of any changes every month. since my review is in every 6 months, that should be ok to send the details after I receive the letter from them. My first payment was 1st of jan so they need the copy of book from jan. So i have one more month.
Yes, Finally I spoke to my relationship manager(I have not spoken to my IP at all). He said I din't really have to let them know of any changes every month. since my review is in every 6 months, that should be ok to send the details after I receive the letter from them. My first payment was 1st of jan so they need the copy of book from jan. So i have one more month. he said when I send all documents he will pass it to IP and see what IP says....I hope my IP says same thing as Melanie says.
