monthly payment reduced or added to end ?

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mark b

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Post by mark b » Fri Jul 25, 2008 11:39 am
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IF SALARIES REDUCE DURING AN IVA CAN MONTHLY PAYMENTS BE REDUCED OR ARE THEY ADDED TO END OF AGREEMENT
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kallis3

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Post by kallis3 » Fri Jul 25, 2008 11:42 am
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Hi Mark and welcome to the forum.

If your salary is reduced, then you would need to contact your IP and inform them. They do have a certain amount of discretion, but if you wanted your payments reduced by a lot, they would have to call a variation meeting with the creditors.
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Blair Endersby

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Post by Blair Endersby » Fri Jul 25, 2008 2:45 pm
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Mark

Yes they may be added to the end if your IVA contains the 15% clause that allows you to reduce contributions by 15% and make then up at the end by extending by up to 12 months. You need to check with your IP to see if this clause is in your IVA.

If you need to reduce by more than this you may need a variation, it may be advisable that if you are doing a variation that you offer to extend the term of the IVA to sweeten the deal but that will be for you to discuss with your IP as to the most appropraite solution and offer for you.
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