Could I reduce my hours?

[BlueShoes]

Hello
Once an IVA is up and running would it be possible to reduce one's working hours, and therefore one's income? (leading to a slightly reduced monthly payment)
To be honest I sometimes find the juggling of kids/house/husband and full time job exhausting, and even working part-time prior to this I had a few minor health issues)
I also work long hours 4 or 5 evenings (either delivering training or doing mountains of paperwork) And hubby is away on business quite a bit, so end up doing alot of this on my own too[:(] Not that I'm wanting any sympathy as I love my job, and without it we would starve!
I would ideally like to work four days a week, not five. (My childcare bill and travel costs would reduce a bit obviously, but only proportionally)
Is improved well being a good enough reason to request a variation meeting, or would creditors pour scorn on such "wimpishness"?
Just wondering.
Blue

[MelanieGiles]

Hi Blue

This is something you would need to make your mind up about before entering into an IVA. Your IP will not thank you for changing your mind so soon after entering into the agreement, and cynical creditors may feel that you falsely inflated your income just to get the IVA accepted.

You talk about a slightly reduced payment, yet going from five days to four takes off 25% of your salary presumably. This is more likely to result in substantial adjustement to your monthly payments, although I note that similar savuibgs would be made in your expenditure.

Get the offer right in the beginning. Payments can only be reduced with the agreement of creditors, and most IPs will not welcome variations during the first year of an IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk