Reduced Payments and Extended Term

[animaleyes76]

Just a quick query .

I'm in the 2nd year of my IVA and have to provide a minimum 40p/£1 return to my creditors. Due to a slight hiccup in year one I had a variation meeting taht effectively added 3 months onto my IVA. (no big problem)

My question is, if i was to become employed at a much lower salary that, after rent, expenses etc etc meant that I was unable to meet my current payment (£374), would i be able to extend the IVA up to six years resulting in the the same dividend but over a longer 6 year period?

If i was i assume i would only be able to extend by 9 months as my IVA has already effectively been extended by 3 months.

Any ideas?

[Moneystinks]

Go on then Stephen I'll push this up to the top for you as I have not got a clue.....Sorry bud.

Hope you get it sorted - seems you have some major decisions coming up! [:X]

[MelanieGiles]

Anything is possible, so long as your creditors agree to it. I am currently supervising a 17 year IVA!

[animaleyes76]

Wow,17 years!

I thought it was all a bit more "fixed/regimented" than that. You learn everyday.

THanks for your help. I'll have to drop my IP a line. I think i'd probably manage to pay the existing monthly amount but just wanted to know just in case.

Thanks again )

[angela18]

17 years.. don't think i could cope.. hope you don't decide in a change of career in 10 years time!!

[MelanieGiles]

It is a case that I inherited from another IP and not one which I presented from scratch! There are 14 years to go, and to be honest Ang I never thought I might not be around to finish it off! Food for though!

[Moneystinks]

You better had be!! What will we all do without you - kind of attached to having you around now!!

[cfnc]

wow, 17 years, how did that get agreed?

Just interested

Kirsty

[MelanieGiles]

One very large creditor - with almost 70% of the overall vote, but the chap is paying 100p in the £ so well done to him for wanting to pay his debts in full - albeit in a quite unusual IVA.

[cfnc]

Thanks for the info Melanie,

I hope he achieves his IVA.

Kirsty

[gaborkiraly]

im in the process of changing shifts at work currently i take home 1400 a month but due to this shift change i will taking home 1250 a month what happens now???

[plasticdaft]

im in the process of changing shifts at work currently i take home 1400 a month but due to this shift change i will taking home 1250 a month what happens now???

I assume you are already in an IVA,so you will have to contact your IP to ask about you payment being reduced due to your income dropping.

[gaborkiraly]

yes i am ive contacted my ip and he said my payments will drop from 450 to 390 as long as the creditors agree to this

[plasticdaft]

So your income will be down £150 a month and your ip is trying to reduce your payment to IVA by £60. I am no genius but can see that you are still down £90 a month. Is this going to be ok??