What would happen if I changed jobs

[fionaj]

Hello
I have a fairly well paid job and make payments of £500 per month into my IVA. I am unhappy in my job at the moment, but it is highly paid for my type of career. What would happen if I changed jobs and my income decreased. I don't feel I can stay in the same job for the next 5 years. I may be lucky and get a new job with same wage. But if not am I better to make myself bankrupt now?? I have no assets, but would like to buy a house in the future. Thankyou for your help

[MelanieGiles]

Hi again fiona

If you change jobs and your income reduces, causing you to need to reduce your IVA payments, then this can only be done via a formal variation of the IVA terms. Your IP will need to call another meeting of creditors for them to consider a revised offer.

I would not encourage bankruptcy proceedings at this stage, as you have three years left to pay and will likely have to pay the same amount in your bankruptcy. Doesn't seem worth doing, but you could keep it up your sleeve if creditors reject your proposed variation.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

Why not start looking around for jobs now. Hopefully you will find one for a similar wage. Melanie is right that a new meeting will have to be called if you can no longer afford to meet your payments. Why not cross the bankruptcy bridge when you come to it.

All the best with everything, fingers crossed that you are lucky and find a similarly paid job which you will enjoy better.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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