Hi. We are almost due to have our house valued, we think we will have equity so if we are unable to release we should pay an extra year.
Unfortunately this is where we may have a problem, my husband has now been placed on a salaried job (no overtime) & I was redeployed and my pay protection ends on our 60th payment.
By our calculations we will only have £175 per month to pay compared to the normal £320, what is likely to happen?
I would firstly notify your IP of the changes when they are due to start affecting you.
It could be that they can reduce your payments to meet your new disposable income, as they wouldn't want you to fail this close to the end, so expect a new i&e form to be completed and submitted.
If they won't do the above, you could always ask them if they would except the payments your have paid in to date.
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!!
I would speak to your IP now and inform them of the changes and hopefully you can get something sorted out.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi your IP may have to call a formal variation meeting of creditors for this to reduce your future payments so that you pay 12 months at £175.
The worst case scenario alternative would be that you would breach (and potentially fail) the IVA because you cannot maintain the monthly payments and this wouldn't benefit any one.
