I had my IVA accepted last week with Payplan. I work full time and my partner looks after our 2 year old daughter. He is a self employed Musician (and obviously due to the current situation work has dried up). The debt is mine alone. I feel that this IVA will teach me to live within my means and stop whacking things on the credit card. We receive UC and obviously the less my partner earns the more we receive and the more he earns the less we receive. One of my modifications was that my partner must obtain work as soon as possible, and I accepted this - as next year they have gigs booked etc and things will improve. I understand the creditors want more in the household pot - so more goes into the IVA payment. £21000 debt paying £140 odd a month going down to £114 in a few months.
I am so worried now - I don't want to push my partner into work until my daughter is a bit older. It would be a false economy - he would have to earn quite a bit to put anything more into the household pot. My sister said she would be willing to clear my IVA with a full and final when the amount I owed was a little lower (once I have made say a year or so of payments).
I am just worried I have made a bad decision, on one hand I feel relieved but on the other I feel completely stressed (it wouldn't be so bad if the modification was for me).
Has anyone else been in this situation?
I just think the worst that could happen if he fails to find anything is that the IVA fails and I am back in the situation I was in before. I just wanted to say - I love this forum has been so helpful and good to read other peoples experiences and to know that I am not alone!
Unfortunately Payplan often drag partners into an IVA and often also base the payment on household income. Anyway ..... how did they word the modification, exactly ? These things are usually worded, where proposed, that the partner agrees to seek work. In these cases the condition is easily fulfilled. However an agreement to find work is a different, and, in my opinion unreasonable, proposition. I am sure creditors would not be so keen if he found work at minimum wage and the resulting childcare caused a reduction in overall income.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy for getting back to me. The actual wording is 'obtain' work. When I queried this with my IP setting up the IVA they used the word 'seek' but the wording on my document is obtain. I have accepted this and as I said I imagine the worst case that can happen is he does not find anything.
When more jobs come in our UC (would have been tax credits before) go up and down depending on how many paid jobs that month. But it is generally the same amount ish...what the IVA household income has been based on. I am just hoping I can keep the IVA going long enough for my sister to help me out with a 'full and final'. She said she could help out at around the 5 grand mark. That is if they accept it, but as I say that is in a couple of years time. Would help if it wasn't in this post Covid economy!
I too had this modification and like the OP it does state "obtain" however, it does not state what the employment should be so any employment would suffice even the kind of work that can be undertaken at home. The effect on the IVA payment is then negligible.
You may also find yourself in a position whereby you have a new family addition. In this case your youngest child would be under 5 when the IVA completes, thus rendering the modification clause mute
Thanks for the reply. My daughter is only 2 soon to turn 3, so I am hoping they wont be too strict until she is in full time education. We live a way from family, so my partner provides childcare whilst I am at work. That's why his Music work, works. Mostly evenings, weekends.
Keep a record of searching for work - your partner could advertise his musical skills on social media fulfilling the ask of obtaining work, where possible, and in the current situation we all know how hard that will be.
Creating a CV and circulating to wedding venues etc is demonstrating searching for work- weddings are currently limited as we know.
Your clause does not state he must look for work in areas away from his normal employment so they cannot force this, but you could show willingness to comply. This time of year supermarket's do seek evening workers to help replenish shelves - it maybe worth a CV being sent to demonstrate searching for new and alternative work, but unlikely you would hear back from them
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !