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If my circumstances change how likely am I going to be able to lower my IVA contributions? |
Submitted on: 4th Sep 2009 by Non-Member | Total Answers: 1
I have started a new job but had to move out of where I was sharing with some friends and was unable to find a suitable house share so I am now living on my own.
Before the bills and rent etc where split 3 ways but now I pay everything myself which has increased my outgoings by about £300.
I have told the company about the changes and asked to reduce my payments. How likely is this going to happen? As I understand it its in the best interests of my creditors to keep me on the iva rather than bankrupt me as they will get alot more money back.
If I was made bankrupt they would only get about 27p in the pound but even if I ws to lower my contributions by £100 pounds they would still get 60p in the pound?
Re: If my circumstances change how likely am I going to be ...
You sound like an ideal candidate for a variation. You should contact your IVA supervisor with a revised income and expenditure.
Your supervisor should then approach your creditors with a fresh proposal at a new meeting of creditors, which as you say will keep your IVA on track and provide a better return to your creditors than bankruptcy.
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.
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