www.iva.co.uk

I have put in an offer to end my IVA. 12 months left with possible extension due to equity.
If the offer is rejected, will I be able to pay less due to changes still?
The changes are. Extra expenses due to marital split (rent) and one of us unemployed.

You would need to speak to your IP about this and tell them of the change in circumstances. Is the IVA in just your name or joint names?

It's joint

You will need to speak to your IP and see about seperating it if the full and final isn't agreed.

Sounds a plan.
The problem is my extra expenses would mean mine being reduced.
What power does an IP have regarding contributions?
If the contributions are reduced, does the term remain the same?

Your IP can reduce your payments by up to 15% without consulting your creditors. Anything over that needs to have a variation meeting and the term may well increase depending upon your circumstances.

Ok thx.
Can they cancel it though?

No; if your variation requests are not accepted, the arrangement will continue under the current terms. The arrangement can only be terminated by you failing. If you chose to do this, you would need to miss three payments. But as has been mentioned, your ip can reduce payments by up to 15%. Sorry to hear about the split. If an iva is not affordable, you could drop to a dmp or go br if there is no property to protect.

There is property.
I have had 2 payments missed already via agreed payment break.

If the f&f is rejected, you can ask for your ongoing payments to be looked at. Complete a new I&E for yourself based on your income and your new expenses (not including the ex) and see what, if anything, you can afford to offer creditors. Unfortunately, divorce isn't uncommon so your ip will be experienced and understanding.

The key in keeping them updated. Thx all.
Praying F&F is accepted.
Sent Thursday... :-/