Hi, new poster. If your outgoings increase quite substantially

[Adam Davies]

Hi
Have a look at your chairmans report and see if they talk about a minimum dividend level. If they do not then there is no reason for your IVA to extend
Regards

[jazz]

Andy, there is no reference to it. Would it definitely have to be stated there?

[Adam Davies]

Hi
Well I don't think that it should have to extend just because your payment level has to reduce.
Melanie has a greater knowledge of this and if you hang on she should be able to add her view soon
Regards

[plasticdaft]

I cant see payplan not pushing to extend this IVA if the payments are going to reduce though.
An extra 12 months of payments is an extra 12 months of fees for payplan.

Another case of people accepting allowances that dont cover the real costs.

I know that emergencies occur that are unexpected but people really do need to ensure that basic expenditure costs are at a level that will be manageable.

Dont take offence Jazz,I did exactly the same thing to get my trust deed(scottish IVA)accepted,and within months had to ask for more money for fuel and car repairs!!!

Paul

[Julie]

Hopefully Melanie will be able to advise Jazz xx

[jazz]

I cant see payplan not pushing to extend this IVA if the payments are going to reduce though.
An extra 12 months of payments is an extra 12 months of fees for payplan.

Another case of people accepting allowances that dont cover the real costs.

I know that emergencies occur that are unexpected but people really do need to ensure that basic expenditure costs are at a level that will be manageable.

Dont take offence Jazz,I did exactly the same thing to get my trust deed(scottish IVA)accepted,and within months had to ask for more money for fuel and car repairs!!!

Paul

[jazz]

No offence taken. My question is - are they legally entitled to? If not, I will fight the issue

Jazz

[Julie]

It will depend on whats in your chairmans report I think Jazz....does it give the option to extend or does it mention a minimum return?

[MelanieGiles]

You should not have to automatically extend the term of your IVA just because your circumstances have changed to result in you having a lower disposable income. And in fact your IP may not have the ambit to enforce an extension in the first place.

This is a matter for creditors to decide at a newly convened creditors meeting to consider the merits of a variation to the terms of the IVA. This may result in you being asked to extend the term, but this will be your choice and not that of your IP.

And just as an aside - some case managers are professionally qualified. I have a fully qualified JIEB person who runs my supervisory team, along with several other staff who are studying ACCA, AAT and CPPI.

[jazz]

Thanks Melanie, I have just sent a very long email to payplan. I will keep you all posted of the outcome, although not expecting a quick response due to the amount of questions I have asked.

Jazz

[Julie]

Good luck Jazz and please do keep us updated xx