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T O P I C R E V I E W
Mr.S
Posted - 29 February 2012 : 18:26:05 I have greatly reduced income is it possible to reduce the IVA payments if not what other options are available.
3 L A T E S T R E P L I E S (Newest First)
James Falla
Posted - 01 March 2012 : 20:16:58 Hi Mr.S
Do you think you can still make reasonable payments into your IVA each month even if they are reduced? As the other posters have said, the first port of call is to discuss this option with your IP. If they refuse to help and you simply cannot pay, then your only option is to stop the payments and let your IVA fail.
Are you a homeowner? If not or if there is little or no equity in your property, then possibly your next best solution would be to declare yourself bankrupt. However I would not advise that your decide to do this without taking further advice from an expert.
Debt solutions expert and author. If you would like further help or guidance visit www.beatmydebt.com Alternatively I can be contacted via e-mail: james@beatmydebt.com
Niobe
Posted - 29 February 2012 : 18:41:01 Agree with Viki - please speak to your IP. They have the power to reduce the payments by up to 15% without a variation agreement.
Follow through Make your dreams come true Don't give up the fight You will be alright 'Cause there's no one like you in the universe
Jan xxx
Viki.W
Posted - 29 February 2012 : 18:31:28 Hi Mr S,
You must speak to your IP and they will go through a new income and expenditure with you. It may be that you can have your payments reduced.
