{"id":11034,"date":"2011-01-31T14:58:13","date_gmt":"2011-01-31T14:58:13","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=11034"},"modified":"2019-08-05T15:04:37","modified_gmt":"2019-08-05T14:04:37","slug":"reduce-my-iva-payments","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/reduce-my-iva-payments\/","title":{"rendered":"Reduce my IVA payments"},"content":{"rendered":"\n<p>Where the debtor suffers a reduction in disposable income during the  life of the IVA, the supervisor may exercise his or her discretion to  reduce monthly contributions by up to 15%, provided this is clearly  stated in the terms of the original IVA proposal and provided the  reduction in disposable income is verified. If this discretion is  exercised, creditors are informed of the decision in the first annual  report following the reduction in contributions.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>If creditors have modified the IVA proposal requiring a minimum  dividend to be paid the supervisor may extend the term of the IVA by up  to six months in order to realize the minimum dividend and if necessary  may extend the term by a further three months. These decisions and  actions do not require the supervisor to call a variation Meeting of  Creditors but are communicated to creditors via an Extension of IVA Term  notice to creditors.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/08\/Fotolia_141363757_M-1-1024x683.jpg\" alt=\"Modifying IVA Proposal\" class=\"wp-image-11044\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/08\/Fotolia_141363757_M-1-1024x683.jpg 1024w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/08\/Fotolia_141363757_M-1-300x200.jpg 300w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/08\/Fotolia_141363757_M-1-768x512.jpg 768w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/08\/Fotolia_141363757_M-1.jpg 1688w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>If no minimum dividend modification is made by creditors, the  supervisor reports the successful completion of the IVA at the end of  the proposed term, even where the estimated dividend has not been  achieved.<\/p>\n\n\n\n<p>Where the debtor\u2019s reduction in disposable income is greater than \n15%, the supervisor will, if deemed appropriate, convene a Meeting of \nCreditors to request approval of a reduction in payments.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Where the debtor suffers a reduction in disposable income during the  life of the IVA, the supervisor may exercise his or her discretion to  reduce monthly contributions by up to 15%, provided this is clearly  stated in the terms of the original IVA proposal.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-11034","post","type-post","status-publish","format-standard","hentry","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=11034"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11034\/revisions"}],"predecessor-version":[{"id":11045,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11034\/revisions\/11045"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=11034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=11034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=11034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}