Just a general question really, I am currently going through "job evaluation" (again) at work and if as I expect (but hope not) my wage was to decrease, how this would effect my monthly payments into my IVA?
You would need to contact your IP as soon as it happens (hope it doesn't) and they do have the power to reduce the payments by 15% without calling a meeting.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Anything that will cause a potential change in your ability to pay your IVA will have to be brought to your IP's attention ASAP so you can discuss the way forward,whether its a reduction in payments and an increase in the length of the IVA. Fingers crossed you wont suffer a loss in income.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
A reduction in pay is bound to affect your IVA payments, so a chat with your IP at the earliest opportunity would be very wise. Is the evaluation likely to be temporary or permanent?
Many thanks for all of the replies, I am hoping that it does not come to a reduction but the way things are going I am stealing myself for the worst (also a lot of notices going around as well which is another worry), the decrease would be permanent Melanie but I would rather take a pay cut than lose my job to be honest, I believe that I may be "protected" for a certain length of time which would help but the way they are changing the rules at work at the minute who knows?
