Hi, I am really unhappy in my current job,am I allowed to apply for another job that will pay me less money, even though this will reduce the amount of money I can pay into my IVA. I have applied for several jobs that pay the same as I am getting now but unfortunately I have been unsuccessful. thanks
You should be able to reduce your IVA payments if your income reduces,there will be point however where the IVA becomes unviable if the payments are too low
Depending upon the terms of your own IVA, your IP may well have the discretion available to reduce your payments by up to 15%, but do keep them informed of your intentions and don't present them with a fait accompli.
Any higher reduction will need the sanction of your creditors, who will want to understand what has led to your decision to quit and find a lower paid job.
In year two of my iva I took a lower paid job however it was closer to home so I was able to lower the petrol allowance on my I and E. It still left me with less money but I choose to keep my payments the same as I did not want to extend the term of my IVA. It was a struuggle to start with but with very careful budgeting I managed to get through. My salary is know back to the origional amount on the IVA due to small payrises and paye ni yearly increases
