Can we ask for a small say 10 to 15 % reduction in our monthly payments without a creditor meeting. I have just seen a comment on here that suggests this.
welcome to the forum - your proposal documents should outline if this is possible. Normally your IP has the ability to sanction a reduction upto 15% but this may have to be reviewed and the differences made up at the end of the IVA to ensure the minimum dividend agreed to creditors is paid. Have a chat with your IP and I am sure they will come to an agreement for you - ensure your I&E is realistic and does meet your expenditure ! Let us know how you get !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Most proposals seem to allow the IP discretion to reduce payments by up to 15% so check your paperwork and have a word with your IP. They will only agree though if they feel your payments are too high. x
It does depend upon the proposal but I think most protocol compliant IVAs have this now.
Check your proposal and then have a work with your IP if you are not sure.
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
You need to read through your proposal/chairmans report to see what it says in there. Mine clearly states the 10% 50/50 (not that I work overtime!).
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
