www.iva.co.uk

Hi, we are required to a pay 50p dividend into our IVA and in our modifications it states if we don't the iva fails.

If made redundant but only manage to get a job with a lot less pay(say £300.00 per month less.) Do you think we would be able to give a less dividend or will we be forced to go bankrupt(also a condition if IVA fails.).Surely something is better than nothing.

The longer we leave it to get a job the more debt with mortgage and Iva runs up so a lower paid job looks very likely.

Many Thanks for the valuable advice you give on this site.

There is no reason why your creditors would not accept a lower dividend if your circumstances have changed - indeed they ought to be delighted that you continue to strive to repay them.

In bankruptcy no-one really wins as the creditors usually get paid nothing and you have to go through a procedure you chose against in the first place.

Are you actually in a redundancy situation at the moment?

Yes we are. I would just like to say that we think you are amazing Melanie. The advice you give to some many people on this forum is so valuable.I'ts not easy getting IvA advice especially if you are with a big firm.

I am delighted to be able to help you - and what a shame you cannot get similar advice from the firm you have chosen to represent you. Continue to use the forum as much as you like - as so many other silent members will benefit from the queries you and other raise.

And for the crusty old IP's who post - it is great brain training and more fun than my Nintendo DS!