Hello i have an IVA which has been running for neally 2 years now and i have changed jobs last year and i forgot to inform the IVA company.Now they want to do a review and take half my extra wage from me.I was offered a settlement figure last year and basically i want out of this payment plane without paying over the odds. The IVA was not what i was told when i took it out can you give me any advice or any options.
Province/Country relating to question : England
Just brief phone calls as i have been working abroud
Thanks for your question. Please remember to click ACCEPT once you get my answer.Are you on more money?
yes before the new job i was on 2000 a month now 8000 a month the settelment they were talking about was for 13000 pounds but with my increase it will be worth more than the iva which is 27000 pounds in total
No, your IVA will not be affected if you change your job.It is perfectly acceptable for you to change jobs whilst in an Individual Voluntary Arrangement (IVA).There are however some practical points to bear in mind.If your new job pays extra money there is a good chance that how much you pay into the Individual Voluntary Arrangement (IVA) will have to rise.Creditors rightly expect you to pay back as much as possible in an Individual Voluntary Arrangement (IVA) and therefore minimise the amount they have to right off at the end of your IVA.You also have to bear in mind that if you change jobs during an Individual Voluntary Arrangement (IVA), payments will be expected to continue without a payment break.Sometimes this is not possible, but with proper planning most employers will accommodate your request to maintain your pay day, and if they do, there shouldn’t be a problem in maintaining your IVA’s schedule.The most important thing to remember is to maintain good communication with the Insolvency Practitioner should you need or wish to make any material changes in your Individual Voluntary Arrangement (IVA).From the point of administrating your Individual Voluntary Arrangement (IVA) so long as your IVA supervisor is aware of what is happening it should be a straight forward procedure.But the sum requested can NOT be more than the IVA - otherwise there would be no point!!! Please remember to click accept so that I am credited for my time. Thank you.
Called to the Bar in 2007
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