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Posted: Thu Jul 31, 2008 3:34 pm
by DerbySaint
Hi,
I potentionally may have a new job lined up for nearly double my current salary (approx £27k).
My IVA was agreed 2 weeks and I made my first payment a few days ago for £264.
If I took this job out (its a 3 monthly rolling contract), does anyone know what would happen to my IVA because in reality I could pay my creditors the monthly payments again but I like the IVA 5 year payment plan.
Sorry if my question is a bit mish-mashed but its all a bit hectic at the moment!
Thanks very much.
Posted: Thu Jul 31, 2008 4:16 pm
by Viki.W
Hey derbysaint, congratulations for your new job. You can still have your IVA, you will just be able to pay more back to your creditors. If you take the job you need to contact your IP and do a new I&E. Good for you. X
Posted: Thu Jul 31, 2008 5:10 pm
by chardonnay
Hi Derbysaint,
Congratulations on the new job. When you say a 3 month rolling contract I am possibly a bit worried for you. If I've got this right your contract will be renewed every three months - what position would you be in if the contract ended after say 6 - 9 months or a year+? Obviously if it's a secondment you'd be OK, but if it's not??
Please don't think I'm being negative and I hope this doesn't make you worry -it's just a good idea to think of the future and the big picture for the next 5 years. Large salaries are tempting but from my perspective with an IVA, I think the security of a permanent contract would be my first choice.
Hugs,
Chardonnay
Posted: Thu Jul 31, 2008 5:13 pm
by kallis3
Hi DerbySaint,
Well done on the new job. Hope it works out for you.
As regards your IVA, as Viki says, it can continue, it means that you may be able to pay back almost, if not all, of your borrowings.
You need to speak to your IP.
Posted: Thu Jul 31, 2008 6:19 pm
by MelanieGiles
You are contractually bound to the IVA, but you will need to advise your IP of your change in circumstances and can expect your payments to increase substantially. If this means that you could afford to carry on paying your creditors under usual contractual terms, the IVA is best brought to a conclusion and you carry on dealing with the creditors, as you will probably end up paying the full amount plus unecessary IP costs into the future.