have an iva in place, will this be possible...

[dougal]

i have an iva in place, i have been made redundant, and i want to become a driving instructor will this be possible

[MelanieGiles]

Yes Dougal - I assume that you want to use your redundancy money to pay for your retraining? Will it cover all of the costs? And I have quite a few driving instructors as clients, and can tell you that this is very competitive industry where profit margins are being ever squeezed. Do think things through, and work on some cashflow projections, before committing to an expensive course with no job at the end.

And you will of course have to discuss your intentions with your own IP to be sure that they are happy with your suggested way forward. How will you continue to make your IVA contributions in the meantime.

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

[scaredkez]

hi dougal, its not impossible to become a driving instructor but have you thought how you would fund the training?
as long as it doesn't interfere with your iva payments, then i shouldn't see it being a problem, are you still able to pay them now you have been made redundant or are you looking to see if you can take a break
regards
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[dougal]

I am hoping to have a job in place very soon, i have a sum of money that can go towards the monthly payments.

Heaven forbid, but what happens if i am unable to get a job for say six months, a year, and i'm unable to pay the IVA company. I'm taking it to the extreme now.

[MelanieGiles]

You can ask for a payment holiday if this happens, but this is only granted at the discretion of your IP for good reasons, and may need a formal variation by your creditors.

Chin up - and look to the positives. You can only really address how to deal with things that go wrong, when they go wrong!

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