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Posted: Mon Jul 30, 2007 8:59 pm
by blackh
What happens when you have an established IVA and your salary decreases, and you are unable to meet the set IVA repayments ?
Posted: Mon Jul 30, 2007 9:50 pm
by Adam Davies
Hi
If it is likely to be for more than three months then you will have to ask your IP to arrange a variation meeting to ask your creditors to accept a lower monthly payment.
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Tue Jul 31, 2007 12:23 pm
by iva experts
Hi blackh and Welcome to the Forum!
I would contact your I.P as soon as possible and discuss your options, your I.P will possibly give you a payment break for up to 3 months without calling a variation meeting. However if it is longer than this it is potentially a problem.
Is there any particular reason why your salary has decreased? No more overtime being offered etc?
Best Regards. IVA Experts
Posted: Tue Jul 31, 2007 12:31 pm
by Oliver
You would have to talk to your IP about a possible variation of your current agreement. This would then be put to your creditors who would have to agree to the change.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp