How can I still keep paying 'proper payments' when my income is in decline ?

[Tony.rt]

Hi,just had my 4 year revue,i explained that since the start of my iva in 2008 my income has been in decline,it is now £7000 less than when i started,i put this on my yearly revue,i phoned the company and asked when will my iva be finished,they replied if i carry on paying my proper payments it will go over by 3 months,how can i keep paying proper payments when my income is in decline.

[Niobe]

Hi Tony,

Which company are you with?

If you are having problems then you need to speak to them and inform them of this. You can contact your IP directly via this link:

http://www.insolvencydirect.bis.gov.uk/fip1/

Hopefully you can get something sorted out.

[MRBLUESKY]

Hello Tony your payments should be based on your disposable income,this will show on your income and expenditure form on your annual review.If your IVA is under the IVA protocol then your IP can reduce your payments by upto 15% at there own discretion without it effecting the term of your IVA.If your IVA is before the protocol then it is still flexible and your payments can still be reduced but it may need a variation and any shortfall of the minimum dividend in your proposal may have to be made up at the end of your term with extra payments.

[Niobe]

Speak directly to your IP Tony and let us know how you get on.