www.iva.co.uk

Hi i had my review with kingsgate on Monday and they went through my income and expenditure. Once they added it all up they seem to be concerned that i was struggling. I explained that it was very tight and i have just came back of the sick with depression. She asked me if i would like to lower the monthly amounts from 235 to what would be manageable for me. I said about 160 a month so she said she would pass on these details to someone who deals with this department and arrange with myself and creditors and lower monthly payment.

Does this mean the iva will be extended or will it be a new amount offered to creditors. How does this work

Thank you
Dave

You will need to ask your IP what their intentions are with regard to lowering your payments. An IVA where you only pay £160 per month is only likely to give a very low return to creditors once the IP's fees have been taken into consideration.