change in circumstance on iva

steady1971

hi i am now coming up to end of year 2 of 6 year iva, time for annual review . i have put in a change of circumstance as looking at moving in with fiance , which will reduce payments from £365 to £250 a month . has anyone had a similar change ? and were you succsesful in reducing payments if so did they add any extra payments on to compensate ? i am with cccs and they havent really given me any indication if it will be accepted at all so just looking to see how other people have got on many thanks

Gimpsdad

You will need to justify why your payments need to fall, so a lot depends on what your circumstances are now in comparison.

Anondebtadvisor

Your IP might need to call a variation meeting to reduce payments

blonde_redhead1

i have an IVA arranged through cccs and this year I had a reduction in available income. reduction was due to increase in fuel bill and need for bus fares for kids to college and school. They reduced payments for the 6 weeks it took to gather the info and call a variation meeting an the creditors accepted the reduction with no further term added on. I think it went from a 16% return to a 12% so a substantial drop really.