Good evening,
It is inevitable for some people that their circumstances will change over the five year period of the IVA. It is normally preferable that the IVA plays out as originally planned, but sometime exceptions do occur.
Because of the changes in your circumstances, you should contact your IP to discuss the changes as soon as possible.
If, under exceptional circumstances, it is necessary to make a variation to the IVA then the IP has the ability to hold a variation meeting with the creditors.
There is no guarantee that the IP will elect to hold a variation meeting, and there is no guarantee that the creditors will accept the varied terms of the IVA.
For some people their financial circumstances may significantly improve during the five year period of an IVA. Most IVAs will include standard terms to deal with windfalls, bonuses and pay rises.
As a guideline the creditors will require that 50% of these that occur during the period must be contributed to the IVA.
Kind regards,
Julia
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www.supersonicsquirrel.net
