Do I have to wait for income to drop before I can do an IVA?

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Post by jill570 » Wed Aug 07, 2019 9:24 am
I am considering an iva as an option to deal with debts arising from running my own business. At the moment my husband and I have good jobs but I work as a teacher and due to funding cuts in schools have only been able to secure temporary work. I am currently on a contract that ends in May so will earn 34k this tax year, but maybe only 12k next tax year. On the other hand I might be on 35k if I secure more full time work. At the moment I can afford all my repayments but these are the minimums abd nothing is being paid off. My question is, do I try to set something up now or wait and see what my income will be?


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Post by Foggy » Wed Aug 07, 2019 9:36 am
You could start doing the groundwork and research now, but you need to wait until you know what is actually going to happen before putting a formal solution in train.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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