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Posted: Fri Jul 10, 2009 11:48 pm
by melstel
Can I ask what happens in an IVA if your circumstances changes? Say I start an IVA on a full time income, but my income drops due to me having a baby, what will happen to the IVA payments?
Posted: Sat Jul 11, 2009 12:16 am
by MRBLUESKY
a iva is very flexible payments can be reduced through your ip with a variation depending on your circumstances, and holiday payments up to a year can be agreed and added at the end of a iva if necessary.
Posted: Sat Jul 11, 2009 12:26 am
by mickyboy
Your IVA is flexible and can allow for a change in situation. However, it will depend on how your IVA is written by your IP and if any variation is accepted by your creditors. Speak to an IP for clarification.
Posted: Sat Jul 11, 2009 8:37 am
by Adam Davies
Hi
Although there are some flexibility in an IVA payments must remain high enough to make the IVA viable, if circumstances reduce payments too much or stop payments altogether then there is a strong possibility that the IVA will fail.
Regards
Posted: Sat Jul 11, 2009 3:54 pm
by MelanieGiles
Your IVA can be varied, but only if your creditors agree to this.