change of jobs

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r.t

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Posts: 81
Joined: Thu Jan 24, 2008 3:45 pm
Location: United Kingdom
Post by r.t » Mon Jun 02, 2008 4:00 pm
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hi all
i am currently in the first year of my iva, my repayments are £510 p/m on a salary of 40k. i maybe moving away to another part of the uk and while im training my salary will go down to 12k for 12 months, 24k after 12 months then 30k after 2 years. my outgoings wont be as much as where i live now but i was wondering what would happen regarding maintaining the current level of payments when my income is drastically reduced.
thanks in advance
r.t
rt
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Viki.W

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Posts: 5647
Joined: Fri Feb 15, 2008 7:34 pm
Location: United Kingdom
Post by Viki.W » Mon Jun 02, 2008 4:42 pm
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Hey r.t, If you speak to your IP they may be able to reduce your payments by up to 15% without approaching creditors.

Have you got a variation clause in your agreement? I know some have and you can't call a variation meeting in the first two years. How much do you think you will be able to afford? Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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