What are my options?
You must let us know if you find yourself struggling due to an increased mortgage interest rate, or any other reason. Your IVA caseworker can address any concerns you may have in this area. Get in touch and let your caseworker know your mortgage interest rate has increased. You’ll need to tell them what your new mortgage payment will be and when it will take effect from.
If the increase is small, we might ask you to reduce other areas of your expenditure so you can continue with the same IVA payment. Alternatively, if it’s almost time for your Annual Review, we can have a look at your budget in full and make sure everything is properly accounted for.
If it’s not time for your review, and you can’t manage the change within your budget, then we might be able to review your payments. In some cases, we may call a variation meeting with your creditors so that your monthly payment can be reassessed.
Your IVA is designed to deal with small changes in circumstances, so please don’t worry too much. We will always endeavour to provide you with any help and support you need.