This may sound silly, but in the iva and as per the proposal documentation, I haven't found any reference to what happens if your payments change during your arrangement, ie, a pay cut, with regards to the balance and dividend that you are planning to pay over.
I am aware that we inform our IP of our new i&e, but will the reduced amounts have to be paid after our 72 months is up, thereby increaseing our term ?
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
It will depend on whether your IVA includes a guaranteed minimum dividend for creditors. If its not in your paperwork ask your firm to clarify things in a letter or email,so you have a record of whats been said.
And nothing whatsoever about your question was silly!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
If your IVA has been proposed using the IVA protocol you ought not to have to extend the term if you have to make reduced payments during the term - but as with all queries the answer lies very firmly in your own individually tailored proposal.
Seek guidance from your own IP if in any doubt on this matter.
