Can someone shed some light.. I owe £20200 and have now paid £20300. On the current rate i'm paying, when completion falls in Jan 2011 I would have paid £25,700. I thought the whole point of an IVA was to make things easier, not have me paying more. Is there anyway I can propose to complete my IVA early. I've recently changed jobs with a much lower salary and extra travel expenses leaving me £500 worse off, so i'm REALLY struggling to make payments. It would be a welcome relief to have the IVA finished!
The point of an IVA is to pay over as much as you can afford from your disposable income, whilst benefitting from no interest being charged or legal action being taken against you.
You could put forward an offer of early settlement, based on reduced payments - but how would this be funded? Alternatively you could ask your IP to seek creditors approval to reduce your payments to a more affordable level.
Why did you take a lower paid job - and was this with your IP's knowledge?
