I started the IVA process a month ago, and I was going to be successful from all indications. I had been assessed by the insolvency practitioners and they send out documents for me to sign.
But at this stage I decided to cancel the whole thing for two reasons.
1. I was due to move home in two months time - new tenancy agreement ( increased rent/ storage costs)
2. Possible change in job, increased salary.
I remembered them telling me my circumstances must not change for two months.
As , I am now in a stable place as the two factors above have happened, can i reapply and will it matter that my figures have changed from what they were two months ago?
I also worry that the IVA my limit my career growth as i may have to reject pay rise to stay in the IVA.
The IVA could have impacted on getting a new tenancy agreement so that may have been a positive step to delay it until after you had moved.
Going forward an an increase in pay above your agreed baseline generally means you keep 50%, they get 50% (after any increased/decreased expenditure).
Certain jobs do not allow you to be in IVA so be careful on that aspect.
Also go with a smaller, local IVA company if possible - one that you are comfortable with in terms of their approach etc.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Hi - I presume you cancelled the IVA before the proposals were finalised/sent to creditors? If so no problem for you to reconsider this. If you liked the IP firm you started using before chat with them again, if not take time to shop around. As regards rejecting pay rises this is not necessary. It may just mean that you have to pay 50% of the extra net money into the IVA but you get to keep the other 50%...
