IVA Review - 2 years on

Bobby_Ray

I've been on an IVA for the past 2 years and my arrangement is currently up for annual review.

In the last year I increased my payments from £400 to £500 per month, and since this increase I have received another payrise giving me an extra £240 per month.

Despite the budget the IVA allows me I am still finding things tight. My travel, food bills and all utilities have increased fairly considerably and to top it all off I was forced to move (landlord selling the flat I rent). I was on a good deal rent-wise there but had to move to a new place costing me an extra £130 per month (this is London after all!). Plus the closing utilities bills I have received from my old flat are quite substantial and this is something the IVA budget does not account for. Should I mention this to Payplan?

So I've worked out I cannot afford to increase my payments any more than about £20-30 per month, but my IVA states that I have to give 50% of my payrise to them. I am so worried it might fail because I can't give that 50%. However I can continue to make the payments I currently make plus a little extra.

Has anyone been in a similar situation? Can anyone provide some advice on how to approach this?

Many thanks in advance.

Not_so_wise_one

Best and only thing to do is contact your IP and tell them exactly what you have said here and if needed ask for a variation meeting. However they should be able to see that your increased cost of living takes up the extra income you are now getting. Good luck

thegrimreaper

Bobby_Ray wrote: »

So I've worked out I cannot afford to increase my payments any more than about £20-30 per month, but my IVA states that I have to give 50% of my payrise to them. I am so worried it might fail because I can't give that 50%. However I can continue to make the payments I currently make plus a little extra.



Many thanks in advance.

Having just read through what you said when i used to do my yearly reviews any increase made was 50% of the extra surplus against last year, for example 1st year i paid 227 a year, next year had 60 quid extra free as i had a payrise but the same as you fuel had increased, insurance had gone up for the car etc etc leaving only 60 quid left, my iva asked for 30 quid to be paid extra into the agreement each month, im not sure if im allowed to mention individual companies but i guess they will all work to similar guidelines (at least i would hope so )

polardesign

Contact your IP. I had no increases in my IVA contributions as any pay-rise was offset by the increased cost of living e.g. Fuel etc