www.iva.co.uk

Hi everyone,

I am brand new on here so bear with me!

I have a variation meeting in 3 weeks discussing my drop in income, I have done my income/expenditure and I am suggesting that my money IVA payment drops from £250 to £125.

My wife and I are really worried that this will be rejected and they will suggest we go BR with the possibility of losing our home.

Has anyone had experience of dropping their IVA payment by 50%?

Why not look at it this way £125 per months over x months or nothing after the fee are paid in BR.
which looks better to you.
A) £125 X 20 MONTHS = £2500
B) BR NO RETURN = £0
know which looks best to me and if £125 is all you have over its your best offer.

HI. A lot will depend on how far you are into your IVA and the payments status. However, creditors are not always the ogres we tend to think of them as.

I was in my IVA for a couple of years before my disposable income took a hit and my IP agreed to reduce by the permissible 15% without reference to the creditors which was of enormous help.

Unfortunately, shortly afterwards, my marriage broke up and our disposable income dropped to virtually nil, as we then had to run two households. A variation was called and the creditors agreed to a full and final based upon payments made to date.

So .... although everyone has different circumstances, there is hope.

As others say there is always hope, so hang in there and good luck with the meeting hope it's a positive outcome for you.

I think we've made 27 payments so far, so nearly half way!

a full and final based upon payments made to date sounds good to me, I be crossing all my fingers for that, but cant see it in our case

Hi - I dropped my payments from £298 to £150 3 years into my IVA as my circumstances changed. I had to extend the IVA an extra year though so they could recoup some of the money.

Creditors usually accept reductions in payments but your IVA could be extended by a year to compensate.

Thanks for your replies, feel a little more at ease

I am feeling nervous about the meeting though, surely the creditors/IP cannot force you down the BR route on the back of one meeting, I've never missed a payment

Hopefully things will work out,

Creditors rarely seek bankruptcy unless it is serious non compliance.

just thinking.......

If my IVA is extended by another year to cover my reduced monthly IVA payments and at the end of the IVA I am forced to extend by another year instead of releasing equity in my home(there is no equity in my property)

So I have about 2 and half years left plus an addition 2 years, thats 4 and a half years left.

Looks like my IVA will be a seven year one.............