If your financial circumstances alter during the term of the IVA, i.e. you income increases or reduces you should contact the Supervisor immediately.

If the reduction in income will affect your contributions into the IVA it may be possible for the Supervisor to call a further meeting of your creditors to vary the terms of the arrangement, i.e. to allow you to lower the amount you pay in.

These variations should be sought as a last resort and used sparingly as you run the risk of the variation being rejected and having the IVA fail, which could result in bankruptcy.