15% reduction, you must have a good IP. I never had a reduction despite having a 25% pay cut in year 3 (I ended up borrowing from family to meet the shortfall).
Hi, toddy2. My firm is GT. They are getting a lot of stick at the moment due to abysmal performance in closing cases and their handling of PPI. But, as far as the actual running of the IVA I must say that I have found them to be very efficient, helpful and flexible.
Who is / was your IP ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I had a 10% reduction for my entire 4th year but was clearly told (cleardebt) I would need to add additional payments at the end to make up the shortfall. Just posted back my annual review when I have proposed to pay back a little extra every month for remaining term to clear the arrears. The reduction was a life saver at the time though.
Some of these posts have me scratching my head. All I can say is some of the firms you're with are not acting in your best interests.
I speak as someone who has completed there IVA, during my time in it my payments went up (pay rise), but also went down when a change of circumstance meant by showing our incomings and outgoings, clearly we were paying more than we should have.
When my payments went down no extra months/balance went on to the end of my IVA.
One big piece of advise I'll give anyone in regards of being in an IVA, is question anything you believe isn't in your best interest even if you're being advised by your IP that's it's correct/best way forward.
Several times whilst in our IVA I stood firm and questioned why they wanted to do what they were doing and in every occasion buy knowing what I was proposing was best for us, that is the way we ultimately went.
From experience you have a lot more control than you may think.
