time for our last annual review, due to small rises in the everyday items- gas/elec/food etc on paper we have a shortfall.
we currently pay £212 ( have done for 4 yrs) and this yr on paper we only have £201.50 left avaliable for the iva payments- what will happen- will our ip ( MDC) just be able to ok new payments at this slightly reduced amount- will he insist we still pay the origional monthly amount? will this have to go back to variation? will paying this reduced amount make any difference to us finishing our iva on time?
can almost see light at the end of the tunnel! we've never missed or been late with any payment and dont want this to mess anything up now!!
Hi - depends on whether you have a minimum dividend to reach or if it was an expected dividend. It will also depend on whether your original proposal states your IP has the right to reduce your payments by up to 15%.
I would send in the I&E and make a request for them to reduce the payments accordingly and see what happens!
It will depend on your proposal as Kazza says. You just need to tell them that things have changed and you will need a reduction in payments.
I will possibly be having to do the same myself in a couple of months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
