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Posted: Mon Jun 02, 2008 4:00 pm
by r.t
hi all
i am currently in the first year of my iva, my repayments are £510 p/m on a salary of 40k. i maybe moving away to another part of the uk and while im training my salary will go down to 12k for 12 months, 24k after 12 months then 30k after 2 years. my outgoings wont be as much as where i live now but i was wondering what would happen regarding maintaining the current level of payments when my income is drastically reduced.
thanks in advance
r.t

Posted: Mon Jun 02, 2008 4:42 pm
by Viki.W
Hey r.t, If you speak to your IP they may be able to reduce your payments by up to 15% without approaching creditors.

Have you got a variation clause in your agreement? I know some have and you can't call a variation meeting in the first two years. How much do you think you will be able to afford? Viki X