IPA and giving up my job

elljay

I have a part time job that I'm finding increasingly difficult. I'm in my mid 60s and although very healthy find that being on my feet and heavy lifting and carrying is taking its toll. I have an IPA with another two and a half years to run yet.

If I wasn't bankrupt I would just give up the job and cut down expenditure, after all, just going to work has expenses, smart clothes, travel, parking etc. I still have other jobs and pensions. However I wonder if anyone can advise what the OR might think if I deliberately give up work and therefore have to cut down my IPA. Currently I pay over £500 and this would cut it to about £300 I think, though there are one or two complications about how the IPA was set up.

I have always been very keen to repay as much as I possibly can, and have done quite a bit already, what with the monthly payment plus windfalls. I will look for another job, I have a couple of possibilities lined up, but if they pay less or don't work out, what will the OR say? Can I get into trouble for deliberately depriving my creditors or anything?

Thanks

EJ

owlet

I wouldn't consider your position as deliberately depriving creditors. If you are in a heavy job & your age & health aren't letting you continue, then that surely must be a valid reason.

Changes in circumstance happen & an IPA is an agreement, so can be changed up or down accordingly. You have other jobs, so surely losing one of them won't hurt. If you don't look after your health then no one will get anything!

fermi

OR/trustee has no say over if, where, or how much you work, and you cannot get into 'trouble' for changing it.

elljay

Thank you both. I think I might just wait till I find out about the outcome of the other possibilities, which are less physically strenuous, and then hand my notice in. Although I realise I can't get 'into trouble' or anything, I suppose I meant I don't want them or my creditors to think I'm deliberately trying to shirk my responsibilities so at least I will have something to offer the OR as a replacement.

Thanks again

EJ

alastairq

Although I realise I can't get 'into trouble' or anything, I suppose I meant I don't want them or my creditors to think I'm deliberately trying to shirk my responsibilities so at least I will have something to offer the OR as a replacement.

You really need to 'shed' that attitude.

Your creditors are sorted already.

You really need to focus on yourself now, and forget about creditors and their apparent woes.

What they think of you is totally irrelevant...in the big scheme of things.

You have done nothing wrong whatsoever..yet you seem to place an enormous value on 'repayment'....do you really think..if circumstances were the other way around, your creditors would feel the same?

I doubt that very much.

You have petitioned BR...you have faced the demon that is debt, and dealt with it.

It is doubtful creditors will get anything much at all, but that is not your problem any more.

Time now to focus on your own life.....do what you really want to do, not what you think others expect you to do.

Their views are irrelevant. Tell 'em I said so!

owlet

Strange, I came on here to post similar to what Alistair has said. After posting earlier, it was on my mind most of the day.

If you can manage financially by giving up this job and NOT replacing it, then you should give it serious consideration. Forget the creditors, they are irrelevant, most if not all of what you pay will be swallowed in fees - creditors aren't likely to see anything that will make a difference.

Elljay, If you can wind down to retirement, then take the opportuntity to do it before you ruin your health x