Posted: Tue Jul 17, 2007 6:40 am
what happens if during the iva term of 5 years your circumstances change, eg you have a baby, can you decide to go part time in work and reduce your payments
Good morning ash,
It is really important to set payments at a realistic rate in the first place and this is something that your IP would discuss with you prior to an IVA being set up.
The terms of an IVA can be varied even after it has been set up provided you have agreement of 75% of your creditors. However, if you are unable to pay for whatever reason, you may risk the voluntary agreement failing, which could result in your bankruptcy.
Kind regards,
Julia Simavi
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