Worries increases over cost of living or debt payment plans.
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Worries increases over cost of living or debt payment plans.

The administration is aware that people are concerned about how price increases may affect household incomes.

To manage your money in uncertain times and learn how to keep up with necessary expenses and payments, visit the government’s MoneyHelper website.

If you are concerned about debt, discussing your situation with a qualified and experienced debt consultant may help you make a decision.

And having early dialogues is the greatest first step to resolving your financial concerns and preventing missed payments if you are worried about making a payment toward your Individual Voluntary Arrangement, Income Payments Agreement, or Income Payments Order.

Person-to-Person Arrangements (IVA)

If you are enrolled in an IVA, you can ask your manager to assess your income and expenses to determine whether you qualify for a payment break or decrease in payments.

To support a change in your contributions, you will need to produce proof of your income and expenses.

This can entail supplying utility bills, salary stubs, or benefit statements.

Any modifications to your IVA contributions must be approved by your creditors.

Your supervisor has access to the most recent information on payment modifications thanks to the IVA Standing Committee.

They are also aware of other options for resolving your debt problems and can direct you to other resources as needed.

Agreements for Income Payments and Orders for Income Payments

You can request a review of your income and spending if you have an Income Payments Agreement or Income Payments Order to see if you qualify for a payment break or decrease in payments.

The expenditure restrictions have been revised to account for inflation in the present economic context, and you should get in touch with the organization you pay to request a review if you believe you need one.

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