www.iva.co.uk

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 [:(]

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

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

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.

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

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

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

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 [:)]

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?

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

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

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

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.

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

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!