big wage decrease

[goulda]

Have just received notice that as from Monday I will have to take a 15% pay cut. (equates to £280 per month take home)

I have contacted my case officer and am awaiting a I/E form.

I have made 25 payments to date, first year £700 second year £757 third year unchanged form second.

Where do I go from here my IVA can be extended to 72 months max. I have calculated that if my IVA is extended to 72 months payments will be £520 per month but I doubt I can offord that much.

If it comes to it I am dreading bankrupty.

Where do I go from here any thoughts, observations or anyone else in similar position.

[Sarah]

Hi

I dont think it will come to Backruptcy just put down what you can afford and i expect your IP will call a variation meeting

But i am sure someone can advise better shortly

x

[debbiw]

i don't think they will opt for bankrupsy, as they will then get nothing. Is there a 4th year equity release involved? Wait and see what your IP says, but it would be a shame for them to fail your IVA when you have paid so much into it

[plasticdaft]

Is there a 15% cut in working hours as well. Could a 2nd job be taken on?? I lost out on wages recently when all ovetime was cut and have had to take on a 2nd job.
Really cannot imagine BR being an option. If you are willing to extend you IVA and are still managing to make the payments,I am sure the creditors will want to try and keep it going.

[Viki.W]

Really sorry to hear that, how awful. Hope you get this sorted with your IP/creditors. Hopefully Melanie will log in and help too. X

[facingittogether]

thinking of you and hope you can get things sorted!

love barb x

[MelanieGiles]

How can employers expect staff to take pay cuts these days when the cost of living is at an all time high! Goulda, you have plenty of scope, and a very good reason, for a variation of the original terms to accomodate the shortfall. I suggest that you contact your IP to ask them to draw up variation proposals for you.

[goulda]

Hi Mel,

Grant Thornton have acted very quickly and sent me am I/E form and have suggested they may have to convene a variation meeting.

PS. My wage cut just illustrates what dire straits the Construction Industry is in - I know of several persons locally who have been laid off or made redundant and 5 of my fellow employees have just suffered that fate

[MelanieGiles]

I saw five individual construction companies last week who are all going into liquidation. It is a sad state of affairs at the moment, and I hope that your employer will survive the storm.

Well done to GT for being on the ball with your variation.

[Soulgrowth]

Good luck Goulda ... and let's just hope that it's all only temporary.

Debbie

[goulda]

thanks all for comments and words of comfort

my wife and I have had tricky times in the past 30 or so years and survived them and I am sure this will be the same

we must all beleive there is light at the end of the tunnel unless its a bailiff or tax man with a torch (you have to retain a sense of humour otherwise you will go daft

[Soulgrowth]

That's the spirit ... hang on in there [:)]

Debbie

[Lisa2009]

Great you can still keep your sense of humour.
Its in nobodys interests to see you BR so hang in there and try to have some faith in your IP.

[Shining]

Not good news, hope the variation goes well. The cimate at the moment is a rocky I admit, my hubbyin the building industry, he appears ok at the minute they do a lot of grant work don't know what we'll do if that dries up. I'm in education and the LSC have cut a lot of our funding a the moment but work for two providers of education and plan to keep my finger in both pies for a while to be on the safe side.

[michael.t47]

morning lesley, hope everything stays ok for you