Could payments be reduced or would an early offer be a better option ?

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by mark246 » Wed Apr 26, 2017 11:51 am
Hi our iva repayments are 250 pounds a month my wife went self employed last year and it hasn't increased her earnings any we are saying a family member is helping us with lrepayments as we were told our iva would fail if we couldn't prove our ability to make the repayments we are three years in and really struggling to meet the payments could they be reduced or would an early offer be a better option my mother is willing to cash in her ica of 4000 there is 20000 equity in my property
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Michael Peoples
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by Michael Peoples » Wed Apr 26, 2017 12:47 pm
Either option is reasonable and creditors are usually sympathetic. Try the full and final settlement offer and produce some evidence of the decrease in earnings.
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by Foggy » Wed Apr 26, 2017 1:08 pm
With that sort of equity you are looking at an extra 12 months. So three years left at £250 is £9000 which the creditors are expecting. Based on this £4,000 might be a little light ( but, you never know). I would, first, attempt to get payments reduced. IP's normally have the discretion to reduce by up to 15% without going back to the creditors (any more would require a variation meeting).
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