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Posted: Sat Sep 03, 2011 9:17 pm
by Raffles66
my payments were reduced, does this mean they are added onto the end of plan thanks
Posted: Sat Sep 03, 2011 9:22 pm
by kallis3
Hi and welcome.
You may well find that your IVA is extended but you need to speak to your IP about this as they know all the details of your account.
Posted: Sat Sep 03, 2011 9:42 pm
by plasticdaft
This should have been explained fully when the payments were reduced. If your IVA has a minimum dividend clause then you would either have to make up the shortfall over the course of the IVA or have extra months added to the end to allow you to catch up.
If on the other hand creditors agreed to the reduction(involving another meeting),then you may not have to make up the missing amounts.
Talk to your IP firm to be sure.
Paul