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?
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?
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
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
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.
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?