I have agreed to modifications – what does that mean?

People you owe money to can propose changes to your IVA [1] prior to acceptance and these are known as modifications. You may or may not choose to accept these proposed modifications, however if you do not accept them then this may impact on whether your IVA is approved. The impact of the modifications and the effect of rejecting them will have been explained to you.

If you did not agree to the modifications and your IVA [2] was accepted then your obligations are limited to what was in the original proposal document. If you have agreed to the modifications then you will have to ensure that you adhere to the changes.

What do I need to do next?

Don’t forget to advise us if you have any changes in your circumstances [3]

Ensure that your standing order has been set up

Ensure that you put aside your contingency money

Budget – keep a regular check on your bank account

Take time to read through your Chairman’s Report.

Forward copies of your Chairman’s Report to any people you owe money to still pursuing you.

Remember - you have a monthly contingency for car maintenance, etc.

Ensure that the full monthly contribution reaches us by the agreed date.

Enjoy knowing that you are now in control of your debts.