Changes in my circumstances have been ignored

[Foggy]

Having a quick look back -- you seem to be not totally averse to BR .... if you presented the variation as --- "take £100 a month now or make me bankrupt, in which case you will get pretty much no return" it might swing your way -- but you would have to be prepared for BR. At least that way, if they opted to reject the £100 and make you BR, they would pay for it !!

[my]

In the £144 scenario I assume they are relying on the discretion they are usually granted to be able to reduce by up to 15%. I am concerned about the "£120 and extend by 2 years", as this would, I feel, need to be run by the creditors (who could refuse) -- I could be wrong, by my fear is that the IP would be acting outside of the agreed terms. Just rings a few alarm bells.

What happens if the creditors refused, say £100 and whether you would be given the chance to come back with an "OK, I will live on beans and try £140" offer would depend upon how the proposed variation was worded along with the help and support given by your IP ( which seems to be nil). I imagine CF would present it as a £100 or nothing (fail) scenario.

The first email from my IP said: "If you are struggling to afford the contribution, then I can reduce your contribution by 15% without notifying the creditors and that would reduce your contribution from £170.00 to £144.50. If that is still too much then I would need to call a meeting with the creditors but they can request an extension to your case.

In the second he wrote: "The minimum amount we can reduce to, without notifying creditors and without risk of an extension is £144.50 as this is the 15% limit that creditors allow.
Your contributions can be reduced to £80.00 but we would have to call a Meeting of Creditors, where they would vote to accept or reject and they would most probably ask for a minimum 12 month extension."
I replied: "Thank you! I would agree to a reduced payment of £80 and one year extension, but not to a reduced payment of £120 with two years extension. What do you recommend?" (I cannot find where he told me (it might have been someone else over the phone) about the 2 year extension if reduced to 120.)
I heard nothing further. (he is actually not my IP but the Superivison Manager at Creditfix.)
So these are the only words I have in writing. How should I proceed?

[Foggy]

OK -- that sounds a little more in line with what I would expect.

I cannot advise you how you should proceed, not being qualified nor licenced to give such specific advice. All I am able to do is examine possibilities and be a sounding board. Any attempt to reduce below £144 will add in the gamble of an extension along with the possibility of a failure.

[my]

OK -- that sounds a little more in line with what I would expect.

I cannot advise you how you should proceed, not being qualified nor licenced to give such specific advice. All I am able to do is examine possibilities and be a sounding board. Any attempt to reduce below £144 will add in the gamble of an extension along with the possibility of a failure.

Thank you Foggy.
I am just not clear still what happens if they don't agree to lowering my repayments, or add more years onto the repayments?
Is it whatever they come back with that I have to accept?
If it's 144 for 4 years = 6912, but 120 with 2 years extension = 8640 ... plus the burden of carrying this extra time ... In the case they would 'offer' the second option only, could I say no thank you, I prefer to stick to the 15% off with no extension?

[Foggy]

"If it's 144 for 4 years = 6912, but 120 with 2 years extension = 8640 ... plus the burden of carrying this extra time ... In the case they would 'offer' the second option only, could I say no thank you, I prefer to stick to the 15% off with no extension?"

You could try, but I doubt they will allow it to go through. As I said before -- you are basically saying to the creditors, "I can only afford £100 a month -- that is the absolute best I can do" --- then you turn around and say, "Oh, alright then, I will pay £144. I can afford it after all" ( They are not concerned that you will be living on baked beans to make the payment -- they just see the bottom line). If you make any sort of offer to the creditors, based on unaffordability, you have to be prepared for them to extend or cancel. You might be lucky and they will just accept the reduced payment. A lot will depend on how it is put to them and the recommendation of this untouchable IP.

[my]

"If it's 144 for 4 years = 6912, but 120 with 2 years extension = 8640 ... plus the burden of carrying this extra time ... In the case they would 'offer' the second option only, could I say no thank you, I prefer to stick to the 15% off with no extension?"

You could try, but I doubt they will allow it to go through. As I said before -- you are basically saying to the creditors, "I can only afford £100 a month -- that is the absolute best I can do" --- then you turn around and say, "Oh, alright then, I will pay £144. I can afford it after all" ( They are not concerned that you will be living on baked beans to make the payment -- they just see the bottom line). If you make any sort of offer to the creditors, based on unaffordability, you have to be prepared for them to extend or cancel. You might be lucky and they will just accept the reduced payment. A lot will depend on how it is put to them and the recommendation of this untouchable IP.

Wow - in the hands of some invisible untouchable superior being .. that is not God .. Ok, last clarification, "you have to be prepared for them to extend or cancel" - could they just say no and cancel?? rather than say no, then it can still go to the 15% reduction? sorry if I'm slow ..

[Foggy]

They could say any number of permutations -- you have to prepare for the worst and hope for the best.

Hopefully someone else with some insight can comment --- I could be being unduly pessimistic here !