Hey,
I was just accepted with a IVA on the 30th July made me very happy. I just have a few questions i wanted to ask to people that would be unbiased to my case.
1st
Im slightly worried about my case. I've been as honest and as forth coming with the IP as i can and i needed to enter into a IVA as my wage at that point couldnt handle the payments from my creditors so i started the process of a IVA and was accepted. During that time i told the company i am looking for a higher wage job. I just found out today that i have been promoted! Great i know but now im slightly worried that i have gone through all the IVA and now just a week after the IVA i been promoted with a higher wage i have to ring up the IVA company and tell them i have been promoted. They did say to ring them as soon as i know. So i suppose should i tell them now or wait a month till i get a Wage!?
2nd.
I currently live at home with my parents and paying rent. Does my IVA prevent me from moving to another location if i can
still afford to pay the IVA?
They will be delighted - as both creditors and themselves will get more money! I would call them straight away in case they want to review your figures now and agree increased payments with you.
And you are not tied to living with Mum and Dad, if you can afford to move out and still maintain your IVA payments.
I would just let the IP know, so you can complete a new I&E sheet. Will there be any new expenses with the promotion? If so you need to reflect this also.
As for moving, nothing stopping you moving, especially if you can maintain the payments. Again you would have to let your IP know.
1. As long as you pay over the increase that your IP requests, there shouldn't be a problem. Keep any increase to one side once you're paid so that you know you'll be in a position to meet any increased demand from your IP, and don't forget to disclose any increased expenses that might be connected.
2. So long as you can afford to meet the agreed contributions, there shouldn't be any problem where you live. Better off speaking to you IP before you make any decisions.
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
Have a browse through your proposal/agreement, it should clearly say what to do in relation to the increase in wage, if you get to keep all of it, the 1st 10% then split the remainder, whatever, then phone your IP as soon as you have your confirmation from work of your promotion and take it from there
Be continental and stay with mum and dad forever [:D] (only kidding). Talk to your IP about this when you do plan to move, as you will have a whole host of other monthly expenses such as council tax, utilities etc, and your I&E will need a revision
Good luck on the road to debtfreeness (my propsal was accepted on the 29th July) I will see you on the trip
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