hiya all,
i am currently 15 months into my iva with repayments of £510 per month. due to personel reasons i may possibly be relocating to another part of the country where my salary will decrease by around 13k per year.
i wouldnt be able to meet the current level of repayments,i read somewhere that a new propasal would be done and if so, would it start for another 5 years? forgive me if im wrong but cant seem to find any other info
many thanks
rt
You existing IVA can be varied to take into account the new circumstances and whatever your new surplus would be. There may be an extension requested by creditors but this would be much better than failing the existing IVA and proposing a new five year one. Speak to your IP and advise of the change in circumstances.
r.t -Michael is spot on and you should have a chat with your Supervisor (IP) as soon as possible.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
