Change of job at the exact moment of IVA

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snailmail
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by snailmail » Thu Mar 29, 2018 12:43 am
MY IVA hearing is today. If that weren't enough to stress me out, I've accepted a new job. The new salary is much bigger. I haven't started the new job yet. Even though the IVA will technically start (hoping!) before I start new job, I'm dead worried that the IP will try to take my full salary increase moving forward instead of the 50/50 in contract because its right at the start of the IVA.

could this happen? Would rather keep current job if all extra money n disposable could be taken. Much more stress with new job.

Sorry for bad english.
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Foggy
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by Foggy » Thu Mar 29, 2018 8:00 am
Could this happen ? It could do -- or at least your IP might try. But, if you have the usual clauses then it shouldn't do. Not much help I know -- but it depends on your IP.

In my IVA permanent pay rises were taken into consideration at the annual review following the rise. Only after the review did I pay 50% of the increase (so, for a few months I had it all). Read your paperwork and make sure of what it says about pay increases.

Anyway -- your IVA should start on the present situation. You can only guarantee what is happening today -- what job you do today.

Best of luck.
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kallis3
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by kallis3 » Thu Mar 29, 2018 8:07 am
Fingers crossed for your meeting.
snailmail
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by snailmail » Thu Mar 29, 2018 12:04 pm
Thanks for reply guys.

IVA has been approved but they want to extend to 6 years. Bit disappointed :( I have a few questions before I accept:

1. If IVA runs for 7 years, will it be on my credit report for full 7 years?
2. If I want to move house at some point will I run into problems getting consent to let from my mortgage provider?
3. Will my wife be able to rent a property in her name. How much of an impact will it have on her credit rating?
4. Is there anything I can do at this stage to push for a normal 5 year IVA.

I'm happy it's been approved but never lived in one place for so long. 7 years sounds like a long time! and starting to feel scared that moving will be impossible.

Don't think I have much choice tho!
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MerlinL14
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by MerlinL14 » Thu Mar 29, 2018 12:55 pm
snailmail wrote:
Thanks for reply guys.

IVA has been approved but they want to extend to 6 years. Bit disappointed :( I have a few questions before I accept:

1. If IVA runs for 7 years, will it be on my credit report for full 7 years? The IVA will be, but your debts should fall off after 6
2. If I want to move house at some point will I run into problems getting consent to let from my mortgage provider? Most definitely yes
3. Will my wife be able to rent a property in her name. How much of an impact will it have on her credit rating? If you have a joint bank account or any joint debts then her score will be affected
4. Is there anything I can do at this stage to push for a normal 5 year IVA. Not really, if your creditors insist then you either accept that or don't sign to start the IVA

I'm happy it's been approved but never lived in one place for so long. 7 years sounds like a long time! and starting to feel scared that moving will be impossible.

Don't think I have much choice tho!
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kallis3
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by kallis3 » Thu Mar 29, 2018 12:56 pm
Well done on being agreed!

Is your wife linked to you financially?

I doubt if you will be able to change the term to 5 years.

It will remain on your record for 6 years, or until you complete your IVA.
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Foggy
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by Foggy » Thu Mar 29, 2018 1:49 pm
Not much I can add to the replies given by Kallis and Merlin, although (can't resist) I will expand on Merlin's reply to question number 1 ........

The IVA will saty on the credit files for 6 years from the start, if it has completed in that time, or, if longer, however long the IVA runs plus about 6 months for all the red tape. The defaults put on by creditors will drop off after 6 years, from the date of default, regardless of status at the time. About a year into the IVA check to make sure they accounts have been defaulted and the date used is on or about the start date of the IVA. Sometimes a creditor neglects to issue a default which means the red crosses will pile up forever !
snailmail
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by snailmail » Tue Apr 03, 2018 10:55 am
Just an update - I went back to IP and said that I might not enter IVA at 6/7 year term because it would be unfair on my wife. They went back to creditor and managed to get the extra year removed with no other changes to my terms.

This only feels like small victory now - but will be huge in 5 years time!

For anyone out there in same situation - it's worth at least asking the question!
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Foggy
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by Foggy » Tue Apr 03, 2018 11:08 am
snailmail wrote:
Just an update - I went back to IP and said that I might not enter IVA at 6/7 year term because it would be unfair on my wife. They went back to creditor and managed to get the extra year removed with no other changes to my terms.

This only feels like small victory now - but will be huge in 5 years time!

For anyone out there in same situation - it's worth at least asking the question!


Well done -- at the end of the day it is your IVA, so always worth jumping into the negotiations!
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kallis3
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by kallis3 » Tue Apr 03, 2018 11:53 am
Excellent news - well done!
snailmail
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by snailmail » Mon Apr 16, 2018 1:53 pm
My IVA has now officially started - but I have a brand new problem.

When I filled in the forms for new job, it asked if I had ever been declared bankrupt, to which I answered 'no'
But I've only just spotted in my new contract - a line that says employment could be terminated if the employee:

'is declared bankrupt or makes any arrangement for the benefit of their creditors'

I know honesty is usually the best policy but I have already given notice on current job. The role is not financial sector or in any public sector like police. There is no small print about credit checks or anything like that. It's only a small family company (one HR person) - they probably copied and pasted the T&Cs from a template. If I were to tell them and they changed mind on offer - I would lose house, IVA would fail - I'd lose everything!

The contract DOES say 'makes any arrangment' which technically implies in the future. I already made the arrangment and I was only explicitly asked about bankruptcy,

What should I do??
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Foggy
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by Foggy » Mon Apr 16, 2018 3:00 pm
Is there anything that states that you have to inform the employer in the event of BR or an arrangement being made ? You are probably correct in that this is a "copied and pasted" condition and, in such a small organisation, an anonymous enquiry about it probably wouldn't work !

Honesty is usually the best policy, but poking a sleeping bear with a sharp stick also comes to mind ! No-one here can make that determination for you, I am afraid, and it must be down to your own moral compass. If I were in your shoes I would be worried if there was a contractual duty to disclose the IVA, but, if not, I would, in all probability, keep my sharp stick away from bears.
snailmail
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by snailmail » Mon Apr 16, 2018 4:34 pm
Thanks Foggy. No, nothing in there states I must disclose anything at all. I don't think I am going to poke this bear. If they flag it, I guess I will cross that bridge when I come to it.
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