we have been doing iva for 2 years come this october,we have no assets,my husband works but retires next april and we will both be on benefits,we pay 437mth at moment,are we best to go bankcrupt or can we have our iva considrably reduced when he retires,any help plz.
If you have no surplus creditors may accept what has been paid to date as full and final settlement come April next year. If there is a lump sum from a pension you need to ask your IP how this will be treated but if not there would be no reason to keep the IVA going.
This should have been foreseen when you went into the IVA --- check that there is no mention of it in your paperwork. Failing that, as said above, adjustments can be made as required.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy - I'm surprised this was not taken into account when your proposals and contribution schedules were drafted. The contributions should either be reduced accordingly or f&f accepted on basis of paid to date at that time as Michael suggests. Have a chat with your IP.
