Reduced debt?

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hannah219

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Post by hannah219 » Fri Jun 18, 2021 8:36 pm
At the time of applying for an va my debts amounted to near 30k. The main debt was 19k, since seeing my efforts to become debt free with the iva and keeping up to date with current payments that creditor has reduced my debt to 5.5k, almost halving my initial debts. Will this be taken into account at a review meeting? Will the final amount I have to pay change?
I have asked for a review meeting (at a cost of £300) because my income has been reduced by reasons out of my control.
Will my reduced income and reduced debt reduce my payments?

Foggy

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Post by Foggy » Sat Jun 19, 2021 9:11 am
A reduction in one creditors claim will mean that the other creditors get more of their debt back overall, rather than a reduction in IVA payments.

A reduced debt will not necessarily lead to reduced payments, but a reduced disposable income should (as long as the reduction is accepted by creditors).

Paying for a review seems out of order though -- I have seen one firm do this sort of thing (CF) and hope that others have not jumped on that particular bandwagon.
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
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