- Thu Aug 20, 2009 2:29 pm
Hi there Ben and welcome.
Given your change of circumstances, it is definitly possible to reduce the payments you are making into your debt management plan. By definition, a debt management plan is informal and one of the advantages is that you can change your payments if you need to. Its likely that some of your creditors will not like the reduced payments, but unfortunately there is nothing you can do if you are being made redundant.
Do you think you will receive a lump sum in the form of a redundancy payment? If so, it is possible that you might be able to settle some or all of your debts with lump sum payments.
IVA completed - July 2011
As a forum moderator I am here to help other forum members by sharing my experience of solving a debt problem and giving suggestions and advice where I can.