Reduced income due to new work

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jing

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Post by jing » Wed Aug 01, 2018 4:04 pm
Hi! We have joint IVA. my husband had recently changed work and his income is reduced(£400/month less than before). Hence, to make up with this, he entered as part time life insurance agent, on commission basis. But then this part time is not guaranteed income. This month has covered the difference of the income in his commission as he have have clients.
We are just on our 3rd month IVA, I am skeptical that since his commision is not guaranteed, it might end up that we cannot cover the finances in the near future. Do I need to contact my IP about this now or I'll wait until we can no longer cover the difference? Or wait until the yearly review?we are under CF.

Many thanks!
Jing

Foggy

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Post by Foggy » Wed Aug 01, 2018 4:16 pm
You should seek a review now as commission cannot be relied upon. If the IVA is found to be unworkable it would be better to find out now rather than pay in for a year or more and then have to stop it. Hopefully, though, a better solution can be found by maybe reducing your monthly payment and possibly extending the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Thu Aug 02, 2018 10:34 am
I agree with Foggy - get an I&E review done now to see if you can reduce the monthly contributions.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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