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Posted: Tue Jun 10, 2008 1:14 am
by julie.w
Once the monthly payment has been agreed will it stay the same for the five years or can it go higher
Posted: Tue Jun 10, 2008 1:38 am
by Viki.W
Hey julie, welcome to the forum. You will have an annual review when you will submit your income and expenditure, IF NOTHING HAS CHANGED then your monthly contribution will stay the same. If you have more income but no extra outgoings then your payments may be increased. Viki X
Posted: Tue Jun 10, 2008 3:05 am
by Lisa2009
5 years is a long time for a persons income and expenditure to stay the same.
If it goes up or down to the point that either your creditors get more (if you earn more) or your IVA becomes a struggle (if you earn less)
Keep your IP fully informed of any changes in circumstances so they can adjust your payments accordingly.
Posted: Tue Jun 10, 2008 1:19 pm
by Oliver
Your IVA payments are based on your Income & Expenditure. The "Disposable" amount that is left is what is paid to the creditors. If the amount changes either up or down then adjustments can be made accordingly.