if my circumstances change

[dmss]

once a figure has been set for an iva can it be changed if my circumstances change

[MelanieGiles]

Hi dmss and welcome to the forum

Yes this is possible, but only with the agreement of 75% of your creditors. Are you already in an IVA and struggling?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[dms]

no my iva is not up and running yet but my ip has changed some of my figures and i am a little concerned that when my mortgage goes up in 18 months to its standard rate i may find i cannot afford the 580 iva payment

[MelanieGiles]

Hi dms

Do not let your IP change your figures! This is your expenditure statement and if someone is changing the figures for you without consulting you this is a recipe for disaster.

How much do you owe? If your mortage is targeted to increase in 18 months time this should be built into the proposal - ie your payments should be reduced at that time.

It is very wise of you to be wary of what is happening at the moment. Do not sign any documents until you are happy that you understand everything, and can afford the payments which are being offered.

Have you met your IP or anyone from his/her office to discuss this personally, or is everything being done over the phone?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[dms]

my total debt is 65000 i understand i must pay as much as i can afford on paper the payments are mannagable but i will check that my mortgage has been taken into account and no i have met knowbody from debtmatters all done over phone and by post

[MelanieGiles]

I am sure that Debt Matters will have already taken these points on board, but do make sure that your payments are targeted to reduce to coincide with the fixed period on your mortgage expiring.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk