New job with an umbrella company

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Bishop
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by Bishop » Sat Feb 10, 2018 11:32 am
Hello all, it's been a while.

I'm now approaching my 7th year only 20 month remains and everything going smoothly. I split up from my partner of 20years a few month back. I requested a split iva as it was linked. I was told this isn't possible, but I know I've seen it can be done. Anyhow, I now pay child maintenance and other expenses dramatically increased as I had to get a 3bed home for kids to stay.

I made contact stating I was struggling. I have now made the decision to leave my 15year perm job to work under an umbrella company on a better wage. Just so I can actually survive as other than rent and essential home bills I was left with £70.

I will not get sick pay or annual leave. Can this be factored in to expenditure?
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Foggy
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by Foggy » Sat Feb 10, 2018 11:44 am
Bishop wrote:
Hello all, it's been a while.

I'm now approaching my 7th year only 20 month remains and everything going smoothly. I split up from my partner of 20years a few month back. I requested a split iva as it was linked. I was told this isn't possible, but I know I've seen it can be done. Anyhow, I now pay child maintenance and other expenses dramatically increased as I had to get a 3bed home for kids to stay.

I made contact stating I was struggling. I have now made the decision to leave my 15year perm job to work under an umbrella company on a better wage. Just so I can actually survive as other than rent and essential home bills I was left with £70.

I will not get sick pay or annual leave. Can this be factored in to expenditure?


In a nutshell -- no. As a work around your general expenditure figures could, possibly, be maniplulated to give a little wiggle room .. but, your IP seems singularly unhelpful generally, so I doubt this would be entertained.
You are correct in that interlocking IVAs can be seperated, but it does involve some work. Others things that could be used to help would be the 15% reduction most proposals allow an IP to make without needing to consult creditors. If a fresh I&E suggests a bigger decrease a variation could be called. In my case, I was in an interlocking pair of IVAs with my ex and, when she left, leaving me a single parent, a fresh I&E showed that, with keeping two households running, we could not make any repayments and creditors agreed to "call it quits" on a F&F based on payments made to date. BUT ... that was based on my own circumstances, payment record and a lot of help and support from my IP --- and is a gamble at the best of times as the result could have been a failed IVA!
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Bishop
Posts: 19
by Bishop » Sat Feb 10, 2018 1:48 pm
Thanks foggy.

So basically I've been shafted. I alerted them that I no longer live with my ex. If this triggered off a review which I thought it might have, this option of ffs may have been considered for me also.

As you say my ip did decrease 15% immediately. But at the same time they decided to not have an annual review, which I see now is to my detriment. My disposable income is minus at present and expenditure has merged in to my weekly shop allowance which is only 60pw n I have 2 kids stay with me 3days per week.

I have just left a perm job with 33 days hol, 6month full sick pay just to get a few hundred quid more but as a temp worker. No doubt at my next review I will be penalised, but saying that, they only have a2 year old review to compare plus I was living with partner then.

I'm tempted to explore the early exit loan, as another thing is I'm relying on ex to keep up her half of iva which she could stop at any time

Oh my... So close to end too
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Foggy
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by Foggy » Sat Feb 10, 2018 1:57 pm
An early exit might be worth exploring, but, be warned, some creditors will refuse to accept them. You can demand a review at any time, especially with a change of circumstances -- you do not have to rely on the annual review process. However, this might, of course, backfire. Your firm are the Easyjet of the insolvency world ... they will usually take the path of least resistance which is not always the best one.
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