Possible drop in salary

[Robbiecat]

This is just a general question for now - as soon as things are more clear and I really know what is going on, I'll be straight onto my IP to update them formally and discuss things with them properly...

My contract at my current employer is due to come to an end in August. As I am looking to get out of my current job role and move back onto a permanent contract with an employer in my own field, there is a strong possibility I will have to take a pay cut of around £2000 to start, which is approximately £130 a month less than what I am on now.

Would it be likely that I would be able to reduce my IVA payments in accordance with a reduction in salary, or would I be required to keep it to what was originally agreed at the inital creditors meeting? If I have to take a salary drop *and* continue my current IVA payments I would be severely stuffed as I've already been nailed for a loss of £800 this year (which I am currently covering from being careful with finances) due to me not going away with the youth organisation I work for in the summer this year.

Could I have some thoughts please?

Thanks RC

[joh71262]

Hi RC

How long have you been in the IVA ?

Some of the IVA's have clauses that state you cannot make payment amendments for the first 24 months. May be worth checking that first.

[MelanieGiles]

Hi there

Your IP can agree to a reduction of up to 15% in your contributions without the need for a resulution from creditors, but these do have to be made up from additional contributions during a sixth year.

[Lisa2009]

You will be very lucky to get a reply from Mr Redmond. We were mailed back by a lady who has now left but we were then passed on to another lady K Mayor who was very helpful.
Good luck.

[MelanieGiles]

Lady H - this may not apply to you as the 15% thing has only been a recent development following the introduction of the IVA protocol in February 2008. I answered Robbiecat as I have detailed knowledge of her case!

[Robbiecat]

Thanks for that info Melanie!

Ladyh, don't stress about hijacking the thread - Melanie had already answered me anyways!