Waht happens if i have to change jobs

[DaveBn]

Waht happens if i have to change jobs half way through my IVA and take a salary cut? Will the repayemtns be reduced accordinly or can the IP cancel the agreement?

Thanks

[MelanieGiles]

Hi DaveBn and welcome to the forum

That will depend upon exactly how the pay cut would affect your IVA payments. Are you under threat of redundancy at the moment?

If your payments have to be reduced this may be possible up to 15% at your IP's own discretion if your IVA follows the newly agreed IVA protocal. If not, then your IVA would need to be varied to see if creditors would be prepared to accept a lower offer of settlement and this could only be done with their agreement at a newly convened creditors meeting.