I have been paying my IVA since July 2009, I am now threatened with redundancy, or at the very least a downgrade and drop in my earned income to the tune of £20000 pa. Will I be able to renegotiate my payments? I currently pay £450 per month
You really need to speak to your |P about this as soon as possible as it is really going to impact on your payments.
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
It's always possible to submit a variation to your creditors and allow them to vote on a new payment. Your IP will look at the situation and the figures and advise you on the likelihood of this being accepted.
Creditors look at your circumstances and the drop in their expected dividend, and make a decision based on that. You'll have a genuine reason, so if you can find an affordable payment that does not reduce the dividend by much then you may have a good chance of it being accepted.
As soon as you know what's going on, talk to your IP and tell them the situation. Best of luck.