What if my financial circumstances change during the IVA?

Any significant changes in your financial circumstances should be notified to your Supervisor so that a decision can be taken on the best course of action to take.

A substantial change such as unemployment or loss of earnings may require a further meeting of creditors to be convened to consider varying the terms of the proposals.

Your financial circumstances will be assessed at least annually during the IVA when your monthly income and expenditure will be reviewed in order to assess whether or not payment of voluntary contributions can be increased. This will be done by reference to your wage slips or P60 or bank statements etc.

If, during the course of an IVA, you receive any windfall of funds (e.g. inheritance or Lottery winnings) you will be expected to pay over the net proceeds into the arrangement for the benefit of your creditors.

Getting in touch with an insolvency expert for free debt advice is as easy as picking up the phone. Call the Re10 Debt Advice Helpline on free phone 0800 169 1536