Variation meeting

[simon1973]

I have submitted a request to my IP to reduce payments/extend IVA once I move in with partner, due to increased expenses.

Just wondering, how long does it take on average for this to be considered and (hopefully) approved by IP/creditors?

[ianmillington]

Typically the IP will have to give call the meeting to consider a variation at 28 days notice (not counting day of posting or day of receipt which effectively means 30 days).

With your request have you submitted a revised income and expenditure to the Supervisor?

Ian

[simon1973]

Yes, I have sent in a new I&E form.

[ianmillington]

Hi Simon

Has the IP given any indication as to whether the variation should work?

[simon1973]

Not as yet, I wasn't sure how long to leave it before I chase them for an update. They've only had it a few days or so.

[ianmillington]

I'd give them a call to find out what they think, as the variation has a much better prospect of acceptance if the IP can recommend it to creditors.

[james.c]

i thought if your payment only reduced by up to 15% that a varitaion meeting need not take place

[simon1973]

I believe that only applies to newish IVA's mines nearly 3 years in now

[ianmillington]

That's right. If it's got the current version of the TIX or Grant Thornton mods then there is a discretion. Otherwise a reduction needs a variation