www.iva.co.uk

Hi. We are almost due to have our house valued, we think we will have equity so if we are unable to release we should pay an extra year.
Unfortunately this is where we may have a problem, my husband has now been placed on a salaried job (no overtime) & I was redeployed and my pay protection ends on our 60th payment.
By our calculations we will only have £175 per month to pay compared to the normal £320, what is likely to happen?

Hi there,

I would firstly notify your IP of the changes when they are due to start affecting you.
It could be that they can reduce your payments to meet your new disposable income, as they wouldn't want you to fail this close to the end, so expect a new i&e form to be completed and submitted.

If they won't do the above, you could always ask them if they would except the payments your have paid in to date.

Hi and welcome,

I would speak to your IP now and inform them of the changes and hopefully you can get something sorted out.

Hi your IP may have to call a formal variation meeting of creditors for this to reduce your future payments so that you pay 12 months at £175.

The worst case scenario alternative would be that you would breach (and potentially fail) the IVA because you cannot maintain the monthly payments and this wouldn't benefit any one.