Help Variation

[Hedgy80]

Hi All

I am hoping someone might be able to answer a question for me? I am two years into my IVA. My Wife and I recently had a baby and therefore our expenditure has increased. To add to this my wife is returning to work part time (4 days instead of 5).
She is not in the IVA but earns more than me and pays more towards living expenses.

This has severely reduced the amount available for my IVA. I am going to suggest applying for a variation to my IP.

My question is,

is it standard practice for an IVA to be increased in length when a variation is applied for?

I dread the taught of being in an IVA longer than 6 years. My proposed IVA is for 60 months plus an extra 12 months if equity is not available from my property. This will probably be the case.

I am currently paying just over £400 but with the changes it will probably be just over £200. I know everyone’s case is different but anyone in the know or has had previous experience with a variation, did you have your payment reduced but your term increased?

Thanks everyone

[luluj]

You will need to direct your questions via your IP. They will be able to give you specific advice based on your change of circumstances....i am sure they will find a way forward for you .... A full review of your income and expenditure will be needed to ascertain the right level .... You are still in a strong position and can offer a good return to your creditors albeit smaller than first hoped.