www.iva.co.uk

I am starting a new job due to our company being taken over and the threat of redundancy.

Problem is it is a lower paid job, but one i will be happy in.

We currently pay £413 per month to our iva, we have only been in the iva a few months.

Will th IP accept a lower payment of £250 per month and extend the iva to 6 years?
We can afford £250, and want to pay our debts, but am worried that they may tell us to go bankrupt.

Thank you in advance for any advice.

For a drop like that they will have to call a variation meeting, but worth a try. After all the IVA has to be affordable to stand a chance of completion. Hopefully the creditors will agree.

Hi - congrats on getting a new, more secure job! You will probably need to get creditor approval on the reduction so speak to your IP to get things going. Let us know how you get on

Your IP can only authorise drops of up to 15% so it is likely they will have to call a variation meeting.

Would you have any assets to lose if you did have to look at bankruptcy?

I am sure that this will be acceptable to your creditors, but as other posters have suggested a variation meeting is likely to sort this out.

Thank you all for your advice.

At the end of the day, had you not taken the new job, you may have been made redundant and been left unable to make any further payments to your IVA. At least this way your creditors have the opportunity of getting the return they were expecting all be it in a longer period. Given these circumstances I am sure the IP and your creditors will be sympathetic. Let us know how you get on.

Good luck with your variation tjipj, I hope it goes positively for you x