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can the iva be extended if need be due to 1st year reduction of income

Hi Paul
An iva can be extended but it depends on what your proposal says. The best person to ask is your ip, they will be able to tell you. I would suggest you speak to them.

Ang

Hi
Yes this is possible and it is also possible to vary the yearly payments..for example you agree to pay 60x £450 but due to unforseen reasons[possible maternity] you have to reduce year two to £350,you can then propose to pick up these shortfalls [12 x £100] in years 4 and 5 by paying £500 per month.Obviously all of this must be agreed by your creditors by way of a variation meeting.
Hope this helps
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

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