Enforced job paycuts

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by Pinkfoxxie » Tue Jan 12, 2010 4:55 pm

I've been in my IVA for about 2.5 years, I've been told at work today that, the entire company will be taking a paycut of upto 20% starting from Feb '10. I know I will have to do a new income and expenditre, is there a chance that my creditors will not accept a reduced payment, will I have to pay for longer?

I spoke to payplan today, they just told me to do an new I&E when I know how much the paycut is.

Many thanks for all your help in advance!



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by kallis3 » Tue Jan 12, 2010 4:59 pm

I'm sure your creditors will understand that this is not of your making, and as you are halfway through it is in no one's interests for your IVA to fail now.

Do your I&E and let Payplan know. They'll try and sort it out with the creditor.


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Michael Peoples
Industry Expert
Posts: 15189
by Michael Peoples » Tue Jan 12, 2010 5:01 pm
If you can provide the evidence that your wages have been cut and your payments need lowered there should be little problem having a variation approved. Creditors may extend the proposal to achieve closer to the original dividend and on the other hand if there is no surplus due to the reduction they may accept the payments to date as full and final settlement. Good luck with whatever is proposed.
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