Do I need to inform IVA about change from fulltime to part time work due to ill health?

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Tanya.65

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Post by Tanya.65 » Mon Sep 19, 2016 6:58 pm
I'm in an Iva and have had to change jobs recently from full time to part time due to ill health, this means my wages have significantly reduced but I still want to pay the same amount to the plan that I have been doing....as I have come to an agreement about the payment of my rent by my parents is this possible and do they need to know this?
 
 

kallis3

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Post by kallis3 » Mon Sep 19, 2016 7:09 pm
Hi and welcome,

Sorry to hear about your ill health and I hope you get better soon.

You do need to speak to your IP company - how will you manage to continue your current payments?
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Foggy

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Post by Foggy » Mon Sep 19, 2016 7:13 pm
If you inform the IP that your parents are paying your rent they might remove this amount from your allowances and add it to your payments -- which would be totally counter-productive.

I would inform them that you have had to take a wage cut due to ill health and ask for a review based on the new wage. They may be able to reduce payments a little --- suggest that your parents might be in a position to assist with the IVA payments, if the question arises.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 20, 2016 8:53 am
Rather than paying your parents less or nothing at all perhaps they could make an offer of a full and final settlement based on your current surplus. This would end the IVA now and can only be a help to your health.

If this is not a possibility then you should look to get your payments down otherwise your parents are effectively paying your IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Sep 20, 2016 4:50 pm
You have a duty to disclose this change to the IP.

In any event, if you don't tell them you will continue paying the contributions at the higher rate, which might cause you problems with keeping up with your living expenses from a lower income.

I'm not quite sure what you mean about your landlord agreement. Can you elaborate a little please?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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