www.iva.co.uk

am seven months into my iva program £1000 a month,i am concerned,strugling,i can raise £25,000 equity from my property can i ask for a settlement?

You can ask for a settlement Jay, but there is no guarantee that this will be accepted by creditors. What are the terms of your IVA with regard to the property - was there a final year revalaution with equity raising provision. If so, I do not feel that your offer will be acceptable.

What are the reasons for you struggling? Perhaps seeking a reduction in ongoing payments would be more appropriate for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

thank you melanie for your prompt reply,yes there is a final year revaluation clause,and i am strugling with my payment becouse i have had to change my shift pattern,i have a very sick son he is 32 years old ,i normly work through the weekend but i have had to stop this and work week days which has reduced my income by £480 per month. how do i get my payments reduced,and by how much? jay

So sorry to hear about your son. I hope he will be better soon.

If you have suffered a reduction of £480 in your income, I suggest you seek to reduce your payments by the same amount. Discuss this with your Supervisor, who may be able to propose a variation to the original proposal terms for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

thank you melanie i have composed a letter and sent it to my supervisor,i will keep you informed of my progress.Thank you once again for your valuable advice.