www.iva.co.uk

I have had my IVA for almost 2 years, a friend mentioned to me that it might be possibe to change the company who deals with my IVA to one that could possibly make my monthly payments less. Is that true?

No, once you are in your IVA, you will have to stay with the same company.

It would be very difficult to change.

But if you are struggling with your payments, you ought to be able to approach your own IP for a reduction, if the IVA has become unaffordable.

Yes ask your IP to consider proposing a variation. Give him/her upto date Income and Expenditure figures. Good luck

That's interesting, I thought that, like any other service, you could switch if you felt that you weren't being offered a good deal or good enough service?

Is it a case of, because it's lodged in court, there can be no variance?

I'm always interested in the technical aspects of things like this, if anybody can offer me an explanation I'd be interested.

After all, the IP is making money, therefore it's a commercial arrangement, giving the "customer" rights ...

DT

It is because it is a contractual agreement between all parties - your IP, you and your creditors. That contract can only be ended with the prior agreement of all parties - and your desire to change to a new firm is unlikely to be met with approval from the other parties to the contract.

Unless your Supervisor is behaving incorrectly or not dealing with his statutory requirements - you could always get your creditors to write to him to resign - very hard. You have to establish that he/she is a bad egg.