just checking...ongoing costs car repairs etc

memberme

Hi,
I am about to enter into the 2nd year of my IVA. I have just had to have the car repaired and my IP has knocked that amount off the payment for next month. (fine but glad I had enough funds to cover it before then).
He told me that this cost will be added at the end of my IVA or I can split the cost and add it to the next 12 months. Now i am not quibling but just check....is this correct that it should be added back on meaning by the time 5 years is up there will probably be another couple of months worth of payments. Surely this falls under afordability? Any way please clarify anyone.

Also I noter that vat is increasing in the new year. When can we expect a note from IP's reducing our payments to account for that and other rises in the cost of living since the initial agreement. Or perhaps we should'nt??!!!

doelani

hi memberme

When you did your original SOA for your IVA where you not allowed a monthly amount to save for car repair/mot etc ? I know this was one thing we were allowed.

memberme

Yes. This has dwindled over the year on house hold repairs and other car repairs. This amount is unlikely for anyone to last 5 years

memberme

Sorry i see what you mean.
Yes we are allowed to save a bit extra, but doesn't add up to a proper sized bill. And bills can arrive 3 together or never. I am happy with the process ...I am just checking what is the norm. Also other extra costs do pop up that eat into this. We rarely have a quid left at the end of the month. As we have Northern Rock mortgage and a 6 year IVA I am starting to wonder whether BR would be a better option. usually 3 years of lower payments. And probably a low offer accepted towards the benficiary interst to having the house discouinted..all gets a bit tight at this time of the month