I am starting a new job due to our company being taken over and the threat of redundancy.
Problem is it is a lower paid job, but one i will be happy in.
We currently pay £413 per month to our iva, we have only been in the iva a few months.
Will th IP accept a lower payment of £250 per month and extend the iva to 6 years?
We can afford £250, and want to pay our debts, but am worried that they may tell us to go bankrupt.
For a drop like that they will have to call a variation meeting, but worth a try. After all the IVA has to be affordable to stand a chance of completion. Hopefully the creditors will agree.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi - congrats on getting a new, more secure job! You will probably need to get creditor approval on the reduction so speak to your IP to get things going. Let us know how you get on
Your IP can only authorise drops of up to 15% so it is likely they will have to call a variation meeting.
Would you have any assets to lose if you did have to look at bankruptcy?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
At the end of the day, had you not taken the new job, you may have been made redundant and been left unable to make any further payments to your IVA. At least this way your creditors have the opportunity of getting the return they were expecting all be it in a longer period. Given these circumstances I am sure the IP and your creditors will be sympathetic. Let us know how you get on.
Last edited by James Falla on Wed Feb 23, 2011 6:19 pm, edited 1 time in total.
