We are on month 20 of our IVA and were put under the clause of no changes permitted for 24 months, my partner was made redundant in June after starting a new job - so basically was made redundant on no pay. He is now temping but for a much lower rate, whilst trying to get a new permanent job. His new job that he started (the one he was made redundant from) would have left us just comfortable for me to stay at home with my little boy (8 months) til he was about a year, but obv that situation has now changed, and although my maternity pay has finished I haven't yet been able to secure a permanent position, and any that come up I will be paying more for childcare than would be taking home, so my question is as we are struggling now and having to ask parents for help with bills etc,when the 24 months is up can we ask to reduce payments? and does it have to be a full new meeting? if the creditors say no, can we carry on the original agreement and ask parents for help until we can both get jobs etc again?
Thanks in advance
Hey iva2012, welcome to the forum. Sorry about the redundancy. I would have thought that your IP would be able to help knowing that you are both looking for work. How have you been keeping up your payments? You must be really struggling. Please hang in there for one of the IPs to help you. Good luck for the job hunt. X
our parents have been helping us for 2 months, and we finally got a little help with housing benefit this month, so with that and my partner's temporary position, we are just about surviving, we don't want to mess up the IVA at all and our parents are both aware of the situation, so we know at least for the next 4 months we have to keep up the payments with help, but after that we would like to aim for a lower dividend. At the moment we are paying either 48 or 42p in every £1 (im pretty sure it's 42 but I can't remember for the amount of figures I have rolling around in my head)
Anyway, thank you for your kind reply, and hopefully we will get some more replies and answers.
Hello ... sorry to hear about your situation, what a pain for you. Have you spoken to your IP about this? I am wondering whether they might be able to alllow you to make lesser payments for now and perhaps extend the length of your IVA to recompense, which would technically mean that overall you were not making lower payments.
I am sure that one of the experts will be along soon to give you advice ... perhaps they've all gone out on the town on a Friday night!
Hi
Although you have the 24 month no variation clause it is possible for your IP to hold a variation meeting to 1] reduce the payments and 2] take out the no variation in first two years clause from your IVA
Your IP can also reduce your payments for a few months whilst you get back on your feet,the shortfall can be added onto the end of your IVA.
Have a chat with your IP
Regards
