I have been in an IVA for 3 years and all has gone smoothly to date. I have just passed the regular sixth month review stage. A couple of months ago my IP contacted me to make any updates to my income & expenditure. This coincided with my landlord giving me one months notice to leave (I had been "lodging" privately with utility costs included in the rent) as he was selling the house. I knew that my expenditure was about to change quite considerably but my IP badgered me to return the form, so I did, with a covering letter advising them that my circumstances were about to change.
Now, as I pass the anniversary I am settled into a new flat with considerably higher outgoings. I have written to IP with my new address, and advised them that with my new higher outgoings I will really struggle to make the same monthly payment.
Anyway my query essentially is this. By returning the form have I committed myself to the same monthly IVA payment for the next six months, or can my payment be reviewed between times when my circumstances radically change?
Having got through 3 of the 5 years I am really scared that it will all go pear-shaped now. Any advice much appreciated.
With three years already under your belt, it is unlikely that your IVA will fail due to the need to get your payments reduced - and your IP can put forward a revised offer for you at any time. Give them a call to arrange a chat to go through your income and expenditure with a view to perhaps seeking a variation of the original terms.
Welcome from me as well. As Mel says you can get your payments altered at any time. I'm currently having to do the same thing due to having a drop in household income in December.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Ozjohn once you have had a chat with your IP I hope you feel better and can see a way foreward. Your IP should be able to help you to sort something out. Best wishes
Oscar
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Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
As has already been said, there should be absolutely no reason for you to wait for another 6 months to review your circumstances. Speak to your IP staight away. They should be able to review things immediately.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
