Change of circumstance during an IVA???

[snowman365]

Dear Forum

Just a quick one - what happens if your circumstances change drastically during the period of your IVA e.g. change of job? Drop in income? Increase in rent? Move abroad?

Is this likely to mean bankruptcy or is it possible to renegotiate the IVA to suit the new situation?

Does anyone have any experience of this kind of thing please?

[Beans on Toast]

Hi snowman, if it is one of these things in particular you are concerned about, narrow it down a bit and one of the experts will be able to give you a more specific answer.

[facingittogether]

hi snowman!

i am not an expert but i am sure depending on peoples circumstances certain elements of the iva can be changed by your ip, maybe with the authorisation of your creditors!

like i say i am no expert just a forum member but hopefully an expert will be along to advise you!

barb x

[snowman365]

Hi Guys

Cheers for your reply!

Sorry for being a bit vague - to try and be more specific, I am currently still considering an IVA and have been in contact with 2 IVA providers - both of which have given me hugely differing monthly payment amount (nearly £250 difference per month).

I think I will eventually go for an IVA, but my main concerns are that I am also currently considering either changing job (absolutely sick of what I am doing now), or emmigrating to Canada (to be with my girlfriend) in the next year or two, both of which would probably mean a complete change in income / rent etc. and I was just wandering whether it is possible to do this within an IVA and not have to go bankrupt??? Is it possible to renegotiate??? If not, then am I probably better to make the move and then apply for the IVA once I know exactly where I stand??? (I have not missed any payments as yet but can see it coming soon).

[Viki.W]

Hey snowman, I would love to go to Canada so I'm a bit jealous there![:I]

You can still make IVA payments from Canada so that shouldn't be a problem but you would really need to know what your income and expenditure was going to be if you were to move.

It's good that you have approached more than one IP, have you tried Melanie Giles? As you know, she posts on here, you could give her a call and I'm sure she could help. Viki X

[facingittogether]

hi snowman

our ip is melanie giles who is a expert on this forum, we have found her to be very fair and helpful!

not sure who you have spoke to, but it may be worth your while speaking to melanie and her team!

good luck

barb x

[snowman365]

I have spoken to 2 well known IVA providers (sorry but don't wish to enter any names).

One of the IP's suggested 'bending the truth a bit' about how much rent I pay each month, which I do not feel too comfortable about doing to be honest.

Does anyone know whether you have to show your rent / tenancy agreement for the IVA???

[facingittogether]

i wouldnt feel comfartable about bending the truth either!

not sure if you have to show your rent book but i know we had to show proof of mortgage payments!

barb x

[cfnc]

I would assume that you need to show proof of your rent, we had to show our mortgage statement.

with alterations to your IVA payments your IP is allowed to vary them by up to 15% without the need of a creditors meeting.

Good luck for the future and hope you make the right decision for you.

Kirsty