Changing Jobs during an IVA

Fatboss

Hi Guys,

We're into Yr 2 of our IVA after racking up in the region of 40k of debt.

I have a hypothetical question.

If I were to move to a new job which carries a salary almost double what I earn now (which is a possibility), where does that leave me in respect of the IVA?

I'm currently paying £170 per month, which I am JUST managing on, with a wife, 3 kids and a dog to feed too!

Would I be better off saving as much as possible in the first 12 months and then make a F&F via my IP, or would they expect me to increase my monthly payment to a silly amount to, say double what I'm paying now?

Any advice would be most welcome.

Thanks in advance.

Fatboss.

FoggyBrain_2

Hi, it all does depend upon how your proposal was drafted .... but, in general, you would have to increase your IVA payments by half of the net increase.

Some IP's would make this increase from the date of your review, some will want it right away !!!! Only your IP can tell you which way they would go.

I would run it by your IP as a hypothetical situation, as your decision will bear heavily on what they say ( and, if it is favourable, get it in writing!).

Fatboss

Cheers FoggyB,

I kinda guessed that would be one scenario, I've heard them mention 50% of any bonuses or O/T so I reckon they would try and get their mitts on any salary increase too.

I'll ask them the question 'hypothetically' and see what they say. At the end of the day I'd still be getting a 50% pay increase at the very least, right?

I'll keep you posted.

Cheers,

Fatboss.

FoggyBrain_2

I would hope so FB -- best of luck :-)