www.iva.co.uk

Hi everyone..

Just wondered whether anyone can help.. I am just startibg my IVA but it is possible that my circumstances will change considerably. I am hoping to work in France doing a ski season, but if I do obviously my wage will change dramatically. I will go from earning roungly 1500 per month to only 600! How would this affect my repayments when in an IVA?

Thanks

Hi and welcome
Would you still be able to make your IVA payments ?
If not you could ask for a reduction or payment break but as you have just started your IVA I would think that this will be unlikely to be approved by your IP and creditors.
If you have no assets I would suggest considering bankruptcy
Regards

For a start I am extremely jealous! A whole season of skiing sounds wonderful right now!

Turning to the reduction in salary, how will this affect your costs, and in turn how do you feel that this will affect the disposable income you can offer to creditors. A request for a payment break will not be met with sympathy by your creditors, as you are effectively causing this by wanting a change of career which is lower paid.

It seems odd that this was not discussed with your IP, who surely would not have put forward an IVA for you in the knowledge that it could fail so soon. As Andy advises, if you have no assets bankruptcy would seem to be a sensible route to consider if you are putting this career change ahead of your debt repayment intentions.