I've been in my IVA for about 2.5 years, I've been told at work today that, the entire company will be taking a paycut of upto 20% starting from Feb '10. I know I will have to do a new income and expenditre, is there a chance that my creditors will not accept a reduced payment, will I have to pay for longer?
I spoke to payplan today, they just told me to do an new I&E when I know how much the paycut is.
Many thanks for all your help in advance!
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