I had a debt of about £50,000 when I started my IVA. The first year I paid £390 per month, the second £450 per month, the third £450 per month and I have nearly finished my fourth year at £450 per month. I have just been told I am going on a 3 day week which would put me on 15 hours per week so I would also loose my working tax credits. My total loss is £400 per month. Do you think my IVA would let me pay only £50 per month as I only have 1 year to go?
If I were your IP I would probably try to seek an early conclusion of your IVA on grounds that you can no longer afford to maintain contributions through no fault of your own.
I would give them a ring to see what they can advise you to do - but keeping a case open for payments of £50 per month is not worth anyones while to be honest. Creditors are likely to agree to my suggestion.
