www.iva.co.uk

I might be having a variation meeting due to my income dropping.
Does this mean my IVA term will be extended? or do my payments just become less for the rest of the term? I am worrying because I have only had the IVA for 8 months and dont really want to pay for any longer but I cant manage on less money as my husbands overtime is getting less and less and we foolishly agreed to include a lot of it as income to get the IVA. On a bad overtime month this is £130 then the £120 because my son is moving out. I just cant see how we will manage.

That will depend upon the terms that you agree with your IP and are put forward to creditors. This should not necessarily result in an extension of time, but your creditors may ask for this.

Personally I would not offer an extension, but be prepared if creditors wish to get a maximum return from you. You do appear to have legitimate reasons for the request to vary, so good luck with that.

Hi - what have you discussed with your IP? You can propose to pay less over an extend duration, so in essence the creditors get the agreed amount back.

Before our variation meeting was set, we agreed on the proposal - have you got to that stage yet?

Any variation is dependent upon the terms that you wish to put forward which your IP will agree with you and which he/she thinks will be acceptable. Creditors might go for a lower dividend or ask for the arrangement to continue for an extended period. It all depends on your changed circumstances.

C.j, I'm sorry to hear that you are having problems.

I hope you manage to get things sorted in your favour. Let us know how you get on.

Good luck with your variation c.j. x