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Posted: Fri Jun 17, 2011 11:01 pm
by bj4
Can we ask for a small say 10 to 15 % reduction in our monthly payments without a creditor meeting. I have just seen a comment on here that suggests this.
Posted: Fri Jun 17, 2011 11:03 pm
by kazzafunk
Hi bj4. Have alook at your proposal. It's written in ours that our IP can consider a 15% reduction if it is requested.
Posted: Fri Jun 17, 2011 11:04 pm
by kazzafunk
Sorry - very rude of me. Welcome to the forum!!
Posted: Sat Jun 18, 2011 7:01 am
by luluj
welcome to the forum - your proposal documents should outline if this is possible. Normally your IP has the ability to sanction a reduction upto 15% but this may have to be reviewed and the differences made up at the end of the IVA to ensure the minimum dividend agreed to creditors is paid. Have a chat with your IP and I am sure they will come to an agreement for you - ensure your I&E is realistic and does meet your expenditure ! Let us know how you get !
Posted: Sat Jun 18, 2011 8:16 am
by Broke of London
Most proposals seem to allow the IP discretion to reduce payments by up to 15% so check your paperwork and have a word with your IP. They will only agree though if they feel your payments are too high. x
Posted: Sat Jun 18, 2011 2:38 pm
by kallis3
It does depend upon the proposal but I think most protocol compliant IVAs have this now.
Check your proposal and then have a work with your IP if you are not sure.
Posted: Sat Jun 18, 2011 2:44 pm
by live2draft
This clause does seem to be included in the majority of IVAs. Your Ip will know for certain.
Posted: Sat Jun 18, 2011 2:52 pm
by kallis3
You need to read through your proposal/chairmans report to see what it says in there. Mine clearly states the 10% 50/50 (not that I work overtime!).
Posted: Sat Jun 18, 2011 4:54 pm
by MelanieGiles
Even if the proposal does not provide for this, it can generally be easily arranged via a variation of terms with your creditors.