HELP! I feel trapped in my job due to my IVA

[zebede]

Hi, I'm new to this forum but I need some advice please.

I started an IVA about 17months ago and for the most part It's been working. But I'm working horrendous hours, some weeks up to 70+ hours a week 6 or 7 days a week and its awful. My wife tells me it is making her and my two young boys (aged 3 and 9months) miserable and to be honest I'm miserable and exhausted too.

My job is in sales and therefore largely commission-based, and I need to work those hours to maintain the income to maintain the IVA payments, mortgages and all other bills as my wife isn't working ( full time mum) to avoid additional nursery costs.

I have to get out of this job or I'm going to lose my health and perhaps more importantly my family, who mean everything to me.
I've been offered ( albeit informally at this stage) a new job, Monday to Friday 9-5 and bank holidays off which I feel will save me from these hours which are killing me both physically and mentally - but the trouble is its for a good few thousand pounds a year less. How would this go down with my IP and if it led to my IVA failing, would I be blamed for making the decision to take a lower income deliberately?

I would get a company car to replace my current one and i'd choose a more efficient one than my current car to reduce my tax liability, plus would pay less tax overall as I'd not be paying "supertax" due to the salary falling below the 40% threshold.

If I took the job, would my IVA fail automatically and how would I stand with regard to going bankrupt if all else failed....?

Sorry this is a bit "war and peace" but its a fairly complex situation!

Hope someone can advise me. Thanks for reading this!

[RHB]

I would speak to your IP asap & I'm sure something could be worked out. Even if it couldn't there will still be other options, ultimately health & family come first. If you are home weekends & evenings maybe yor wife could get a few hours part time work while you look after te little ones to make up some of the shortfall?

[ginger3232]

Zebede - your IVA would not fail automatically - but you do need to work out your I+E . If you based your outgoings including your IVA payment on a 70 hour /week job - this is being unrealistic.
You need to contact your IP right away to look at your I+E. You health is more important than a IVA payment

[kallis3]

Hi, and welcome to the forum.

Sounds as though this new position would be good for you, you and your family should not suffer because of the IVA.

Work your finances out as ginger says and then speak to your IP. I'm sure something can be sorted out.

[Skippy]

Hi and welcome to the forum.

RHB is right, your health and family do come first and it sounds as though you can't carry on the way you are at the moment.

Have a chat with your IP and I'm sure something can be sorted out.

Please let us know how you get on x

[Shining]

HI and welcome from myself too, your family and your health are paramount. Do talk with your IP as soon as x

[zebede]

My IP seems so difficult to talk to...I feel like they only ever give me bad news like at my income reviews. I don't feel like they are likely to want me to change jobs if it means a lower return for the creditors...what if I just did it anyway (for my own sanity) - what's the worst that could happen?

[Foggy]

Hi. Try putting it to them that, if you didn't change jobs, you are heading for a nervous breakdown and the creditors would get even less in that event. They have a duty to ensure the creditors get the best return, so you changing jobs would ensure that. Might be a smaller return, but better than zilch.

[zebede]

Hadn't looked at it like that....its true enough that if I stay as I am then I'm likely to lose my wife and my boys who I love so much I can't describe....if I lose them I'd prob just give up anyway and let it all just crumble down around me

[kallis3]

Don't give up zebede, speak to your IP and let us know how you get on.

[kazzafunk]

zebede - I have known people who have (without sounding dramatic) literally killed themselves through working too hard - don't mean suicide but causing themselves ill health. On here we all have a problem but are trying to deal with it. Speak to your IP, leave messages for them to ring you or email them. A solution will be found and remember, your family and health are the most important things to you. If the worst comes to the worst you end up bankrupt and in rented. But you still have your family and health. Please try to come to the best solution for YOU.

[greeneyes34]

seems to me there is nothing to discuss. Your current job just isn't good for your health or your family. If you have been offered another job with better hours etc then I say just go for it.
Everything else can be worked out after that.
Family First!
good luck xx

[Tina Shortland]

Hi Zebede - glad to see everyone is ralying to give you all the support you need and they are right - you, your health and your family are what is most important in life in the big picture. It is great you have been trying to do what you can to honour your commitment to your creditors but when all is said and done this is just about money and debt. Of course, if your IVA fails the creditors lose out and it is not good for your IP, HOWEVER, you must prioritise your health and family and if an IVA is no longer viable then so be it - you tried. Speak with your IP as soon as you can to see if some sort of alternative arrangement can be proposed. they are there to act on your behalf as well as supervise the IVA.

Please keep us posted as to how you get on and everyone is here for you along the way.

Regards,

[Michael Peoples]

I agree with all the other posters that your health and family come first. 70 hours a week is too much for anyone and creditors should be sympathetic.

[St75]

Hi Zebede,

I'm not sure of this is an option for you, but do you have any supportive friends or family members who might be able to lend you money to make a full and final offer to creditors to successfully conclude your IVA. You could then pay back your friend / family member over time from the wages in your new job.

As everyone has said, your health and your family come first.