Any chance to further reduce monthly payment? Stopped working due to disability.

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
jayachandran
Posts: 1
by jayachandran » Sat Mar 24, 2018 1:23 pm
Hi,
I already have IVA with one of the company since 06/01/2016 then March 2017 I had health problems I am stop working because of disability so I informed this company and stop the payment until now in between he take the review income and expenditure several time finely he calculated monthly payment £128 each month. My total dept is £16250 when i join as agreed £11880 (£198.00 60 months) so now I need pay £128 for 57 months I am not working still now confused I am not happy with this company, so any help for this case any chance to reduced total amount can you give me good replay please help me.
Thank you
Jayachandran
User avatar
kallis3
Forum Expert
Posts: 73800
Contact
by kallis3 » Sat Mar 24, 2018 1:43 pm
You need to speak to your IP company again and ask to do a new review. Hope you get your health sorted soon.
User avatar
Foggy
Forum Expert
Posts: 27498
Contact
by Foggy » Sat Mar 24, 2018 1:49 pm
If you cannot afford the reduced payment the only thing your IP can do is ask creditors if they will accept more of a reduction, otherwise the IVA will fail. If you have no assets and less than £50 surplus income each month maybe a DRO could be worth considering. Have a look here : https://www.citizensadvice.org.uk/debt- ... d-to-know/
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 35 guests