www.iva.co.uk

I apologise if this question has been answered before, im six months into my IVA and now find that im unemployed. My supervisor is aware and has suspended my payments for two months allowing me to bacically get another job. The company i workrd for were going to offer me another position but in the end that transpired to be occasional work which does not really help.
Can someone with much more knowledge than i advise what would happen if i secure new employment however at a reduced salary.

Im sure that i cant be the only one out there, is Bankrupcy the only answer?

Thanks

Ken

If your IVA is only 6 months old it will probably contain a provision that will allow the Supervisor to let you make a small reduction in your payments, although the IVA may have to be extended as a result. However, more likely as you have already missed 2 payments, the IVA will need to be varied which means a smaller contribution will need to be formally agreed with the creditors. This will require a further creditors meeting as it's tantamount to a new proposal. If you are thinking along these lines, it will pay you to keep your Supervisor up to date. You will shortly be approaching 3 months arrears of contributions at which point, most likely, the Supervisor could view you as having breached the proposal, so the current situation is delicate. It will pay you to keep the Supervisor well and truly "in the loop" and keep him or her advised of your status.

However, it may be that your circumstances may be unrealistic for the continuation of the IVA, in which case Bankruptcy may be the right thing to do. That, however, depends upon a number of factors e.g are you a homeowner, what do you normally do for a living etc.etc.etc.

Hope this helps

Ian,

Thanks for that i has been really helpfull, my supervisor is aware and as i said agreed to two missed payments the next payment is due on th 01 November.
I will write to her tomorrow as i have made her aware at every hurdle,on the subject of home ownership no i am not a home owner. i have a job interview on thursday therefore everything is crossed.

Thanks

Ken

I am noticing a lot more redundancies amongst my clients at the moment - it is a sad sign of the times and I am finding that creditors are being sympathetic so long as there is an action plan in mind.

Hey Ken, I just wanted to wish you the best of luck for your interview on Thursday. Fingers crossed.[:)] x

Good luck for the interview Ken x

Best of luck from me too [:)] xxx

Good luck from me too.

From my part it's a real shame where debtor, creditor and IP all agree a deal in good faith and then fate throws a ruddy great spanner in the works. It seems that you have probably built a rapport with your Supervisor that will give her the confidence to cut you a bit of slack to enable you to keep the wheel on. Hope so. Let us know.

We offer Redundancy cover for Employed Clients at £3.25% (reduced to only £2.25% if a mortgage is covered).

Example: £100 per month insured benefit required, monthly prewmium is only £3.25 or £2.25 - see above.

This can be found at www.paymentcover.co.uk

Ken, I really hope that you find something again soon.

John ... good to see you pop up, haven't seen you around for a bit ... are you and Gwen well?

Debbie

Hi Ken

That happened to me too, but I was only 1 month into my IVA, it took me 3 months to find a new job, and I start tomorrow, however it is a drop of about £5.5K A year, so my Supervisor has agreed to put a variation forward to creditors in the end of september to allow me to pay £160 for 24 months, then when car HP expires to pay £290 a month for 48 months, therefore extending the IVA to 6 years but providing a higher dividend.

Ken,

I hope you get another job soon.