What happens if your salary decreases

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blackh

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Post by blackh » Mon Jul 30, 2007 8:59 pm
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What happens when you have an established IVA and your salary decreases, and you are unable to meet the set IVA repayments ?
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Adam Davies

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Post by Adam Davies » Mon Jul 30, 2007 9:50 pm
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Hi
If it is likely to be for more than three months then you will have to ask your IP to arrange a variation meeting to ask your creditors to accept a lower monthly payment.
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Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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iva experts

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Post by iva experts » Tue Jul 31, 2007 12:23 pm
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Hi blackh and Welcome to the Forum!

I would contact your I.P as soon as possible and discuss your options, your I.P will possibly give you a payment break for up to 3 months without calling a variation meeting. However if it is longer than this it is potentially a problem.

Is there any particular reason why your salary has decreased? No more overtime being offered etc?

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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Oliver

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Post by Oliver » Tue Jul 31, 2007 12:31 pm
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You would have to talk to your IP about a possible variation of your current agreement. This would then be put to your creditors who would have to agree to the change.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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