Reduced income

pulman69

I have had a change in circumstances recently and my working hours have been reduced which will affect my ability to pay both a secured loan and IVA payments each month, one will have to go on hold. This will only be for a relatively short period hopefully, which payment is best to try and ask for a short payment break on?

sourcrates

Well not the secured loan as you can lose your house.

Your IP has discretion to temporarily reduce payments by up to 15% without a creditors meeting, any more than that will require one.

Remember, any reduced/missed payments have to have the balances made up again, usually they may extend your arrangement to achieve this.