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change in circumstance on iva
steady1971
Posts: 15 Forumite
in IVA & DRO
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
0
Comments
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You will need to justify why your payments need to fall, so a lot depends on what your circumstances are now in comparison.0
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Your IP might need to call a variation meeting to reduce payments0
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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.0
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