Could anyone answer this question please?We are in our 4th year of our iva & our circumstances have changed ie,wages have dropped etc etc.If i contact our ip to submit a new I&E sheet & they review our monthly payments,if our payments were to be lowered what happens to the difference.If our payments were dropped from lets say £400 to £300 what happens to that £100 difference,does it get added onto your lump sum that you have to pay or does it get wiped off.Many thanks.
Hi Keiser
It would largely depend on the terms of your IVA proposal. What is likely to happen is your IP would need to put a variation to your creditors outlining your new situation (i.e. the reduction in payments). This may result in the IVA having to be extended by a number of months.
The best thing to do is explain your situation to your IP as soon as possible as they will be able to get to work on your case.
