IVA extension help please

miaboo

Hi 
We are at the end of year 4 and due to mortgage increases, gas and electric etc etc I've asked if we can reduce our payments from £200 to £150 
I submitted all our income and expenditure details and just spoke to someone who said this change would mean a meeting with the creditors and a 12 month extension, is this right? 

I quoted the new legislation guidance thats been out and they said they haven't had anything and there isn't any new guidance 
She also told me that my IP can't reduce it by a percentage without the need for extension or meeting but when I pushed its been reduced by 15% without the need for a meeting or an extension.
Could I of done more or do I stick with the 15% off?

fatbelly

Debt Camel has written about the new guidance here

https://debtcamel.co.uk/help-ivas-cost-of-living/

If £150 is what is affordable then you should continue to push for that to become the payment. 

They can (and probably will) want to extend the IVA though, so a £30 cut with no extension may be a better deal if you can afford it.