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

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Post by jayachandran » Sat Mar 24, 2018 1:23 pm
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.
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Post 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.
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Post 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 : ... d-to-know/
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