Change of circumstances

[handyman]

Currently I am paying my creditors £500 a month. I am 2 years into paying it without default.

I live on a narrowboat. I have to move off the boat due to health reasons and my only option is to move into a mobile home.

My expenditure will escalate by moving into the mobile home ie,council tax, higher utility bills, extra traveling costs to and from work.

The question is how does this affect my IVA payments?

John

[MelanieGiles]

You will need to discuss this with your IP, as if you can no longer afford to make payments at the current rate, a variation of the IVA may be possible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[kah]

Is there any feeling that the attitude to variations may be slightly more lenient now - because of all those of us having problems coming to the end of fixed rate mortgages - and difficulties in re-mortgaging at sensible rates?
I don't mean to suggest that anyone should be looking for ways of paying less - but if one is forced into a ew financial situation - what's the general trend with regard to variations?

[MelanieGiles]

I personally feel that creditors are getting more harnened towards accepting variations to be honest, and althougH I have not had any turned down, I know of other IPs who have.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp