Hi guys. Long time not seen. I due my second baby in january. As you can guess my wage will go down by about 300£. It is also time for my yearly review. I really wouldn't want a payment break. I done mine I&E form and...when I started IVA 2 years ago I paid 120£ a month, then it went up to 168£ and currently 209..I figured out I would be able to pay 85£ while on mat leave. I was wondering if someone could tell me from experience if it is likely to be accepted. I really really don't want payment break but read old post today and noticed that it is what usually happening. Thank you
The IP usually has the discretion to reduce the IVA payment by up to 15% without asking creditors for approval -- this, I believe (or at least this is how my IP applied it) refers to the originally agreed payment --- si, in your case they could reduce to 15% below your originally agreed amount, so to £102. Any lower will need creditor approval and the creditors could add in new terms or extend the number of payments to compensate.
I have to emphasise that this is a discretion --- they do not have to agree and are not bound to reduce.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Great news and good luck with the baby in January - hope it all goes well!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk