Expenditure review. Will I have to go bankrupt ?

[jayne.64]

after a expenditure review i can only afford 120 a month do you think my iva company would except this or will i have to go bankrupt

[Shining]

Hi, is this a big reduction in payment into the IVA?

[jayne.64]

i was paying 200 a month but had a reduction in my work hours

[Foggy]

For a reduction of this order they will have to go back to the creditors to see if thy will accept the reduction. This might result in a small extension rather than failing the IVA.

[luluj]

Fingers crossed for you - your creditors would receive less in Bankruptcy so here's hoping they see the positives about your reduced payments - but as others have said it may mean an extra few payments to ensure you still reach the required dividend

[MelanieGiles]

I would have thought that this would be more than acceptable given the circumstances, but what does your own IP think?

[jayne.64]

i am waiting to hear from my ip

[Shining]

I hope you hear positive things when they get back to you Jayne.

[adam090376]

Good luck hope all works out for you

[Kelly.23]

During our iva our payments reduced from 560 to 150 a month which the creditors agreed to so fingers crossed yours will do the same