iva and temping

[moneyclown]

I am very un happy in my high presure sales jobs and can not take another day. I am going to change my career which means quite a big pay cut and my company car taken away. To start it off I am going to temp for a while I understand that my iva will have to be totally revised due to drop in pay but my question is because obviously temping isn't permanent how will my creditors look at this? I am only looking at temping for about 6 months while I gain the experience I need in the field I would like to work in.

[Adam Davies]

Hi
There is a danger that unless you can maintain your IVA payments that it will fail,however I do understand that you need to be happy at work.
I would speak with your IP and discuss the situation.They may well grant a payment break whilst you sort your career out
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Creditors will see you as being irresponsible for giving up your current salary, which may jeopardise your ability to continue payments to them.

However, life is about what you feel is best for you to do, and if the current job is making you unhappy, and you feel that you are prolonging it just to repay creditors, it may be time for a rethink - and maybe bankruptcy proceedings are a better option for you.

Are you likely to earn the same salary when you have retrained? If there are real prospects for this, your IP may well be prepared to consider proposing a payment break to creditors for a short period.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Oliver]

You need to talk to your IP as soon as possible about this as your creditors may not accept a reduced payment under these circumstances. However, if you are not happy I would suggest that continuing to work somewhere you hate just to maintain your IVA may not be the best course of action, especially as there are other legitimate solutions to debt problems such as Bankruptcy or an Informal plan.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp