if I change job with a much bigger income

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danny4

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Post by danny4 » Sun Jul 25, 2010 1:05 pm
I am at present going for a job which I stand a good chance of getting. If I was to get it and would therefore be able to have paid my usual payments to creditors in the normal way. What happens to my IVA. Do I have to come out of it and pay as normal or do I carry on my IVA with increased payments. Concerned I would have to come out of IVA nad then all creditors would want payment in full straight away or do I set up new arrangements with them and would IP help with this. Hopefully this makes sense.
Confused about what would happen.
 
 

plasticdaft

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Post by plasticdaft » Sun Jul 25, 2010 1:29 pm
You would be expected to pay as much as you can into the IVA. You could choose to let your IVA fail and start to renegotiate with creditors yourself but I stongly advise against this.

Talk over the options with your IP,and remember that until an IVA is finished you still owe creditors the full amount of your debts.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Adam Davies

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Post by Adam Davies » Sun Jul 25, 2010 1:54 pm
Hi
Good advice above
Stick with your IVA and just pay more.Once you have repaid your original debts and IP fees your IVA should conclude
Regards
Andam Davies
 
 

danny4

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Post by danny4 » Sun Jul 25, 2010 2:19 pm
Thanks that has put my mind at rest.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 25, 2010 6:52 pm
I suspect that the additional costs of letting the IVA run its course, will be outweighed by savings in interest costs - and as your credit file is impaired already, there cannot be much point in concluding the IVA early to maintain contractual payments to your creditors - although this is an option for you, albeit rather an unusual one.
Regards, Melanie Giles, Insolvency Practitioner
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