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
I have a greatly reduced income. Is it possible to reduce payments ?
Posted - 29 February 2012 : 18:26:05
