Page 1 of 1
Posted: Tue Feb 23, 2010 1:21 pm
by andytracey
Have been in IVA for six months but our circumstances are changing with less money coming in through no fault of our own.We are still keen to keep paying as much as we can afford but if the creditors allow us to pay less does the five yaer term increase and if so for how long.We would love to keep things how they are but both of us have had wage cuts are struggling to keep going as things stand .
Posted: Tue Feb 23, 2010 1:25 pm
by rayb
Hi,
My advice to you is to contact your IVA Company as soon as possible and request a revised Income and Expenditure review as it is nobodys interest for your IVA to fail
Posted: Tue Feb 23, 2010 1:33 pm
by luluj
Have a chat with your IP. It is likely if your payments are reduced you may be asked to extend the term of your IVA by a further year - but at the end of the day waht's another 12 months when at the end you will be debt free !
Posted: Tue Feb 23, 2010 1:46 pm
by Pennyless
andytracy as others have said you should contact your IP and see what they can do for you. You may find they have a 15% discretion on repayments without having to go through a variation meeting.