www.iva.co.uk

Hi all,

I have 9 months remaining on my IVA and I have had a big reduction in my income due to changing jobs mainly for my own sanity, had allot of time off for mental health reasons and it was best all round.

On my new wage my DI is -£63 a month where as I was paying £200 a month previous. As at my last review I had paid 27.5 p in £ to the creditors so far.

What are the chances of ending early based on funds received? I cant even see a reduction being an option at this point as I'm not saving any money on travel with the new job.

Any advise would be greatly appreciated

It is not beyond the realms of possibility and will, in part, depend on what the predicted dividend was when the creditors agreed to the IVA in the first place. On the face of it a dividend of around 27p isn't bad.

My IVA was wound up, based on payments made to date when the payments became impossible through a sudden and drastic change in circumstances. This was literally half way through the agreed term. However, by virtue of extra income and PPI, I had, by that time hit the estimated dividend figure.

I would suggest a chat with your IP as a F&F based on inability to continue payments is pretty much 'do or die'. It might be an idea to also agree a payment break while this is being prepared, relieving the pressures right away, as this could take a few months to get through and three missed payments without approval could see the whole thing fail --- which would be more than tragic at this stage.

Best of luck.

I have 9 IVA payments left and due to mental health issues have had to take a new job at a lower salary. My disposal income will be -63 a month on my new wage. Can an Iva be closed based on funds received? I don't want it to fail when I am so close.

You can ask but bear in mind it may take 3 months to sort out from the application, you need to speak to your IP.

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