Renegotiating an IVA

Renegotiating an IVA may be possible, but you will need to work out your new outgoings and then submit a revised income and expenditure account to your IP for them to review. If the reduction is significant, they may need to apply for a variation meeting for creditors to formally agree the amendment. Speak with your insolvency practitioner and tell them about your change in circumstances – they will advise you on your best course of action.