Possible Pay cut

[dunkynuts]

I've just been told at work there is restructuring and I may have a paycut. It will be a less stressful role,but full of stress if worrying about loss of income . I suspose there is no point worrying till I know for definite but this really caps off a bad month and start to my two week break [:(]

[12 months to go]

hi dunkynuts

most important thing is when ( if ) this happens to contact your iVA co immediately

when this happended to me 12 months into my IVA and my take home pay was reduced by £1000 a month , my IVA co arranged for my month; payment to be dramatically reduced

i managed to make my way to the end of my IVA

good luck & best wishes

[dunkynuts]

Thanks for that 12 months to go -it makes me feel a bit better that someone came through it as I hope I will if need be

[MelanieGiles]

Let us know if there is anything we can do to help dunkynuts - in reality not much until you know for certain what is happening.

[dunkynuts]

Thanks Melanie will do-not having a good month [:(]

[Julie]

I'm sure you'll be fine - you know where I am if you want to chat off forum x

[MelanieGiles]

We are so lucky to have you on the forum Julie. You ought to set up your own consultancy business!!

[Julie]

Just pleased to give a bit back to the forum Mel. I did consider setting up by own business, but the time wasn't right for me - maybe one day!

I enjoy speaking to forum members and if I can help, well it's a bonus.

Thank you for your kind words [:)]

[slm40]

Hi

I currently have an IVA and am working in the mortgage & financial services industry.

Basically my current position is flakey in that I could be made redundant at short notice - I have applied for a civil service position which I have got subject to a few security checks etc but I am going to be on a slightly smaller salary.

What way does this work concerning my IVA - will my creditors be annoyed that I have made the choice to move to a lesser paid job?

[Michael Peoples]

Your creditors will understand if you seek security of employment even at a lower salary. There is unlikely to be any problem.

[slm40]

Thanks Michael. Also just out of interest in your experience can I also check - I have a property which I have currently rented at present however due to the fact I am getting older and need to move out of home I'll probably need to have my creditors review my IVA in light of this.

Thanks

[Michael Peoples]

Do you intend to move into the rental property which would mean a large drop in payments?

[slm40]

Yes I intend moving to the rental property which means the payment wuld probably have to drop from the 287 I'm currently paying but by my reckoning I stll think I could afford around £200 per month if not slightly more.

[Michael Peoples]

That sounds fine although you may be asked to extend the IVA for a number of months to address the shortfall.

[slm40]

Hi

I have now moved jobs. I have forwarded my new revised I & E form to my IP today.
After I done it it looks to be a reduction of 100 each month. Anyone know if this is likely to happen and if so when will I know as I am really anxious!