www.iva.co.uk

I am in my final year of my IVA at the present time, having entered into it in December 2003. In 2004 I started work at a loan brokers processing / underwriting and then moved across to mortgages. In April 2007, I went to work at another mortgage brokers (an ex -work colleagues own business) doing the exact same job and have recently left at the end of January 2008 due to business restructering. Whilst working for both brokers, I had to provide a declaration as to why I had entered into the IVA, and also a disclosure document so that a credit search could be carried out every year. As I was adhering to the companie's compliance proceedures - 1. not face to face, 2. not proving advice or recommendation, then I was fine to fulfill my role with a regualar review of my circumstances.

The problem that I now have, is that I want to continue in the same line of work but no one will look at employing me due to the outstanding IVA. Do I need to obtain something from the FSA to say that I can adequately perform my job function?

Also, as I am not in full time employment at the moment I am going to be short with money. I have spoke to my insolvency practice and advised them of the situation. They recommended placing me on a 3 month payment break. Would it not be better if I made token reduced payments until I have some more substantial income? I am really worried as I do not want to default in my final 12 months, however the debt has to be paid from employment as I have no other way of raising the monies.

Hi Gavin and welcome to the forum

The issue about employability in your industry is, I think, largely governed under strict rulings insisted on by the FSA. You may not, therefore, be able to operate in the position you would like until the IVA has successfully concluded, and is removed from your credit file.

With regard to your current non-affordability of the IVA contributions, I would suggest that if you can afford to pay something, then this is better than paying nothing - however as soon as you reach the point of the equivalent of three months arrears, then the IVA will likely fall into default - although given that you are in the final year, this is unlikely to result in overall failure.

Hi Gavin

In what Post Code area do you live, and exactly what role in a Mortgage Brokerage are you seeking ?

Please e-mail me off Forum, we may be able to help with some introductions to Mortgage Brokers.

Hi Gavin
I can pass on Johns email address if you so wish
Regards

Good luck Gavin ... I am great believer that personal experience, especially of a challenging kind, makes us better professionals to help others [:)]

Debbie