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Posted: Mon Dec 21, 2015 12:23 pm
by Matt.rs
Hi everyone. I am about to start my 3rd year of my IVA. One of my creditors the Co op has written off about 25% of the debt due to some error on their side. Will this have any impact on the payments etc
Thanks
Posted: Mon Dec 21, 2015 12:38 pm
by lifenoteasy
It won't reduce your payments but may result in a redistribution of the funds to the other creditors to their advantage.
Posted: Mon Dec 21, 2015 1:08 pm
by Lisa Thomas
No - I'm afraid not it just means the creditors reduce so the dividend increases. (Unless they have written off such a large amount of debt that you end up paying all your creditors off in full together with interest and costs...!)