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Posted: Thu Jan 14, 2016 4:04 pm
by Vanessa.r
Hi, I am currently in a payment break during maternity leave and am going back to work soon. Childcare is going to cost 600 a month and my IVA payment is less than this at 455. I am now in a panic as to how this is going to work. What is the lowest you can pay into an IVA. Any help would be appreciated. Thanks
Posted: Thu Jan 14, 2016 4:35 pm
by Michael Peoples
Your IP can likely reduce the payment by 15% without a meeting of creditors and any further reduction needs creditor consent. The payments can be lowered to what you can afford although creditors will probably extend the IVA by a year to compensate.
Speak to your IP and do an income and expenditure account based on returning to work and if you have no surplus then creditors may accept payments to date as full and final settlement.
Posted: Thu Jan 14, 2016 4:57 pm
by Lisa Thomas
Hi Vanessa - take Michael's advice and get your IP to do a revised I&E. If you cant agree payments to date in F&F an extension may have to happen.