is it possible to get the payments reduced ?

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mickeydog

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Post by mickeydog » Sat Mar 22, 2008 3:14 pm
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i have been in an iva for 2 and a half years and am now finding it difficult to keep up the payments , is it possible to get the payments reduced ?
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MelanieGiles

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Post by MelanieGiles » Sat Mar 22, 2008 3:23 pm
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Hi mickeydog and welcome to the forum

You will need to present a revised income and expenditure account to your IP, and this could lead to a formal variation of your IVA which may need the express consent of your creditors.
Regards, Melanie Giles, Insolvency Practitioner
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bev.nn

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Post by bev.nn » Sat Mar 22, 2008 4:20 pm
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Hi - talk to your IP first. I've been in my IVA almost a year now and have always found mine incredibly helpful, supportive and sympathetic.I've already had a couple of blips whereby a secured loan has risen almost £40 per month since my original proposal was set out and all's I had to do was send in the notification letter (advising me of rate change)as proof/evidence and my payment was reduced.
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