www.iva.co.uk

We've been in our IVA for about 6 months and have now had a successful claim for PPI, resulting in a reasonable sized cheque - which I know will have to be paid straight into our IVA as a windfall.
However our monthly payment will now be around £70 less.
Do I have to pay this into our IVA straight away? or do we get the benefit of it until our annual review (similar to a pay rise)?

Hi,

As far as I am aware, this will have to be paid across straight away.

Just wodering how your payment is now going to be less, unless you have had an annual review?

Don't forget that you will always be liable for the full amount owed to your creditors until your IVA is completed.

Sorry didn't explain myself very well.

The monthly payment into my secured loan will be £70 less (no PPI to pay).
Will I have to pay this £70 per month into my IVA now or after my annual review.

My fault - didn't read what you said properly!

You may well need to pay the whole amount across, dependent of course on how much your expenditure has gone up in the meantime.

I would speak to your IP and ask them when you are likely to have to up your payments.

You should speak to your IP who may be happy for your expense account to absorb the £70 particularly as you are in your first year and it may be tight. Furthermore, your hard work has succeeded in returning a large chunk of money to creditors so why should you not get a little reward in the shape of an extra £70 per month. Creditors would be very mean to object to this.

Thanks for that - an extra £70 per month would be great - fingers crossed!

Even if they say no, you can use this as an opportunity to have your income and expenditure reviewed.

Thanks Melanie we'll ring your office next week.

Good luck, I hope you get to keep at least some of it!

I totally agree contact your IP as soon as, I did so this week and my IP has made me very happy as some of my extra disposable income can be retained by myself, therefore making my life a little easier within the IVA. Take a few months for me to catch up with everything but I'll be getting there now instead of playing catch up all the time x

I hope you get to keep some as well.

Lesley, I can imagine what a relief this has been, so pleased the belt can be loosened a bit.

Good Luck

Good news, we get to keep it all until the annual review. No doubt increased council tax and water rates will take a good chunk of it!!

Good news! My payrise was the same. Annual review coming up and I know our expenditure has gone up so I'm hoping we can keep some of it.

Communication is always the key spent too much and great news you can keep the payrise until your annual review enjoy x