Iva acceptance

saints70

My IVA as been approved,
it was £276 originally but My IP is now telling me that the info they got is different to the creditors so it’s going to be £417.
My IP said to me they can bring it down with a 15% discretionary drop to £355 per month.
Can anyone advise on this 🤔 !!

sourcrates

Hi,
What advice do you want ?

Its all contained in the terms and conditions of your arrangement, have you not received  them ?

saints70

Hi thanks for your reply,
so That’s a difference of £62 per month is that x 60 months to be added on at the end how do it work ?

saints70

Not received anything yet , just accepted today.

sourcrates

You agree what you will repay at the start of your arrangement, your creditors obviously want £417 a month, you should have been asked if that was acceptable or not.
Your IP can reduce your monthly payments by up to 15%, without penalty, but that is not the way to start your IVA, what if other problems crop up in the future, this is why it’s so important to budget correctly, and the main reason a lot of IVA’s tend to fail.

Sounds like very unprofessional behaviour on the part of the IP.

Let me just clarify,  it’s only if you take a payment break that the missed payments have to be paid back, if your unsure, contact your IP and get them to clarify things, that’s why you pay them.
There are new rules at present due to covid 19 as well, have you been made aware of those ?

saints70

Ok,
thank you very much for your advise.
will ask for clarification before I sign anything.
👍 much appreciated 

saints70

Hello again,
so had clarification. Bit sketchy !!
1) who pays for the difference , if anyone does? 

2) And do the creditors know that I’ll be paying £355 and not £417 ?
3) will it show on my Iva paper work when I get it in 2/3 days time ?