IVA review suggested variation

[hymers]

MY IP has suggested asking the creditors to agree to a reduction of £56 per month. Im worried if they say no what happens? Can they try and make me bankrupt if there is any chance of this I'd rather just carry on managing as I am as I intend my IVA to complete successsfully

thanks for any advice we have just had our first review and although out earnings have increased slightly our original proposal did not really allow us enough because we were so glad to get the IVA approved we did not include all minor expenses which add up

I also suffer from stress and the thought of waiting for another creditors meeting makes me feel sick almost like applying from scratch even??

[MelanieGiles]

Hi there

You should only apply for a variation of the original terms, if you feel that you cannot afford the payments and not your IP.

If the creditors turn down your revised offer, you can then continue to make the payments agreed at the outset, but you rather do blow your credibility of why you asked for a reduction in the first place.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp