www.iva.co.uk

Hi I have 1 year left on my IVA but due to ill health I have recently had to dramatically cut my hours from 37 per week to 24 and I am finding it hard money wise. What are my options.

A lot will depend upon how helpful your IP is. Many arrangements have a discretionary 15% reduction built in, should the IP deem this needed. Any larger reduction ( or if this isn't built in already) will need to be put to the creditors for agreement.

If your disposable income is such that the IVA becomes unviable you might be able to propose a d full and final settlement if you can beg, steal or borrow a lump sum --- or even ask the creditors to accept payments made to date.

But, in any even, you should discuss with your IP and get a new I&E done.

Who are you with ?

With only a year left I would be inclined to ask your IP to see if the creditors will accept payments to date and if not ask for a new I&E. Good luck.

Sorry to hear of your circumstances. I would agree with foggy and wiggle and seek a payments to date deal with your creditors via your IP.

It should be possible to either reduce the payments or close the IVA down based on what has been paid to date. The IP will need an updated income and expenditure account to circulate to creditors but otherwise it should be straightforward.