what happens if my circumstances change

[ben_c]

I started an IVA in August last year, what happens if my circumstances change during he 5 years ie. I have to leave work to have a baby or want to move out of home ?

[pbeck]

You can get the Supervisor to convene a meeting of creditors to change the terms of your IVA, but the outcome is not guaranteed, as 75% of creditors must agree to any change in the terms of the arrangement, also many creditors have a blanket policy of voting against changes to IVA terms if this happens within the first 2 years after approval.

The creditors are only likely to vote in favour of a change to the terms of the arrangement if they feel that the change of circumstances was not something brought on by yourself, losing your job is an acceptable reason, choosing to leave is less so.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist

[Adam Davies]

Hi
You would need to inform your IP and discuss how the above would affect your ability to pay your IVA.
Your IP can ask your creditors to agree reduced payments if your circumstances change
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[iva experts]

Hi Ben,

It would be very unrealistic if creditors thought that your circumstances would not change at all in the next 5 years. If this happens you would need to contact your I.P as soon as you can and discuss the implications and what the best option is.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/