Update For Melanie (Uphill Struggle)

[rachellxx39]

Hi Melanie , took your advice from yesterday and rang our ip .To propose a payment break .While on the phone to ip he had looked over our new i&e form he asked us to fill in . He has told us that my iva payment cant be reduced ,but my hubbys can based on the new figures given and his going to a variation meeting.Also my husbands iva would have to be extended by a further 12 months to make sure that the dividend proposed would be likely to be accepted by his creditors .What do you make of that proposal? His iva payment would be reduced if accepted by £94 per mth. We havent signed any forms yet just wanted some advice THANKS Rachell

[MelanieGiles]

It's really difficult to advice Rachel without sight of your papers, so I would take your IP's advice on this. It is possible that his IVA was modified to provide for the reduction at the IPs discretion, but yours was not. If the reduction of £94 would help you, and you are happy to see the IVA extended, personally I would go with that until you get straight again.

[rachellxx39]

Thankyou very much for your reply again ! Well the reduced iva would certainly help ,and the arrears from my husbands iva he is incorporating into the variation ( i think ive got that right ) do you think the creditors would agree to the new proposal ?

[MelanieGiles]

If it is your best revised offer Rachel, I am sure that they would rather get something rather than nothing if your only other alternative was bankruptcy.

[rachellxx39]

OK Thankyou ,ill see what happens Thanks again Rachell