I work for the county council and after 5 years of being on 21,519 a year they are cutting my salary to 19,519..i am worried as i only pay 135.60 a month into my IVA but now i will be 160 pounds a month down as i onlu pay a small amount into my IVA will when they do a new I&E will they make me go bankrupt as i am already on a small amount. My bills have also gone up by another 45 pounds a month too! Sick with worry.
Is it long term or just temporary? If it's just temporary you might be able to get a payment break for a while.
You do need to speak to your IP and inform them of this and see what they say.
If the worst came to the worst, would there be a problem with you going bankrupt?
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
It is unlikely that your IP will make you bankrupt, but if you cannot afford to maintain payments into your IVA this may be a sensible option for you to pursue yourself. I am afraid that this is one of the problems of low payment IVAs - there is not much room for any change in circumstances.
Its definate paycut i am protected until april 2011 so it wont come into effect until then i maybe could carry on paying what i am if i freeze my pension so i think i may be ok.
The more payments you make into the IVa, the more potential you have for ending the IVA on the basis of creditors receiving what you have paid in to date in full and final settlement. I would soldier on with the IVA, and review the situation in April 2011 when the paycut takes hold.
Many thanks for the advice i think that by next april will be ok its just panic mode to be informed of paycuts...if i freeze my pension then that would cover the 180 im going to be down in my wages all i care about is obs paying my IVA and my mortgage im with Cleardebt and they are really good when i phone them so im sure everything will be ok. Thanks for the support and advice.
The paycut is all over the press today its a shame they have cut everyones pay in my sector who are carers supervisors and senior supervisors in childrens services but not touched anyone who is on the 45,ooo a year bracket all seems so unfair. xx
So sorry to hear of your paycut, might be in the same boat (if not worse) when my County Council gets the axe out and swinging, they already sent notices out to quite a few employees as soon as the emergency budget was announced, mind the top earners are still getting their £50K + many more k's every year, so disgusting. I hope that everything works out for you anyway.
At least you do have some breathing space to get something sorted and with a bit of luck you might find that you can offer up all your payments as a full and final as Mel says.
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
