Maternity leave

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Francesca
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by Francesca » Wed Dec 05, 2018 8:35 pm
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
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Foggy
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by Foggy » Wed Dec 05, 2018 8:57 pm
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.
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