JUST BEEN TOLD IM OUT OF A JOB COME FRIDAY HAVE ONLY BEEN WORKING AT THE COMPANY FOR 2 YEARS SO WILL GET LITTLE PAYOFF IVE BEEN PROMISED ANOTHER JOB BUT FOR £150 LESS PER MONTH MY IVA IS £3OO PER MONTH SO THINGS WILL BE VERY VERY TIGHT WOULD MY CREDITORS ACCEPT A LOWER MONTHLY PAYMENT ? IVE NO ASSETS BUT WOULD HATE TO GO DOWN THE BR ROUTE THE THING ALSO IS THAT MY PARNTER WORKS FOR THE SAME COMPANY SO ITS LOOKING BAD ALL ROUND THANKS IN ADVANCE FOR YOUR HELP
Hi Mark - what bad news I am really sorry to hear of your job loss. Getting a new job is far more important than worrying about the IVA - so I would not turn that down. Ask your IP for a reduction in payments over the next six months which ought to be possible until you get back on your feet again.
MANY THANKS FOR THAT IM NEARLY 2 YEARS IN TO THE IVA I ACCEPT THAT THE DEBT IS MY FAULT SO THE LAST THING I WANT IS THE IVA TO FAIL AND MY CREDITORS RECEIVE NOTHING BACK I SHALL CONTACT MY IP
Your IP will have to propose a variation to creditors and holds a variation meeting. But your circumstances are such that this should only be a formality. Good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Sorry to hear about the job probs but good that you have another job to go to though it be less money. As the experts advise, speak to your Ip and ask their advice on the best way forward.
