Iva help

davidajones77

I entered into an IVA in 2006 and have made all payments.
Recently due to a change in circumstances I have had to ask my Insolvency Supervisor to speak to my creditors to reduce the monthly payment. The company has called a variation meeting whereby I make smaller contributions but with an extension to the length which I am more than happy with.
I have noticed on the variation report that the anticipated dividend to my creditors has been reduced.
What happens if my creditors don't agree with this change. I am really scared due to the fact I don't want my IVA to fail as if I was made bankrupt I would end up losing my job.
I would appreciate any advice.

Charco_2

Variations tend to be a little easier than original creditors meetings...

Reducing your monthly contributions but increasing your term sounds reasonable (even if it reduces your dividend).

Dont worry too much though... (Grant me the strength to change the things I can, the serenity to accept the things I cannot change - and the wisdom to know the difference!)
Most commonly the creditors will either accept or modify... in the unlikely event that they reject, then you still have your current IVA (to struggle with) and can make a second varied offer. The IVA will not fail until you fall more than three months behind with your repayments and even then it might not fail. Your IP will work with you to come to a solution.

davidajones77

I cant wait for Friday to come now. The stress and worry is really getting me down.

Any advice anyone can offer is much appreciated