www.iva.co.uk

Advice, please. I recently received an increase in my Pensions amounting to £41.00 per month. I told my IPP who asked me to undergo a four month review. I amended my income on my income/expenditure sheet to show this increase but I have just received a letter telling me that after reviewing my income my monthly payment to the creditors will not be changed and will remain the same. What should I do with the extra income? Or, do you think they have made a mistake?

I imagine that they have taken the sensible view that, as everything else costs more, there will not be much left of the extra income to worry about.

I agree.

my pension went up by £41 and I had an extra £11 per month to pay

I think they may be saying that the extra pensions are too high and will not be accepted as part of your expenditure.

You either need to reduce some of your other costs to be able to afford the pension increase or may even need to consider opting out until your IVA has finished.

Fri Jun 07, 2019 8:27 amLisa Thomas wrote:

I think they may be saying that the extra pensions are too high and will not be accepted as part of your expenditure.

You either need to reduce some of your other costs to be able to afford the pension increase or may even need to consider opting out until your IVA has finished.

My understanding is that the posters are referring to an increase in pension payouts, therefore income, rather than contribution increases.

Is it private or state? If the latter you will have an increase every year.

Thanks Foggy, sorry I had misread the post.

Re: Extra Income. I may have misled you in my previous question. The £41 is EXTRA income from my State Pension and one private pension. My question is 'why hasn't my IP increased my monthly payment to them'. And, am I allowed to now use this extra income as exenditure or should I save it in case they ask for it later? I am confused more than ever now.

You can always put it aside just in case and build up a bit of savings if they don't demand it.