This forum is incredibly useful, I have found a great deal of valuable information and advice on here - many thanks to you all.
I do now have a specific question I haven't been able to find an answer to though... and I hope you can help me - apologies in advance for a long post... it's about what will happen if I take a new job at a lower salary - without being made redundant?
I am 2 years 5 months into my IVA, and have made all payments in line with the agreement, no problem. I have even had my payments increased to £600 per month.
The problem I have is that I commute over 80 miles by car every day to work and after 10 years the travel is lowering my quality of life.
Coupled with that is the problem that although my job is not in direct threat just at the moment, I don't think it will exist in 12 months time. As I work in a specialist education sector there are hardly any opportunities that arise in my local area that are suitable - but one has and I have an interview for it tomorrow.
The problem is that if I get the job, it would be a pay cut from £45k to £40k. In reality given the lower fuel costs and tax I think I will come out just a bit lower - but I am worried that this will cause problems with my IVA. I know about the 15% rule - but what if I have done it voluntarily, even if it is to more to a more secure position (which this is)?
If your IVA payments have been increased because of additional earnings they can be reduced in the same way. Provided the figure does not fall below the original agreed amount there is no problem and it could even be reduced by a further 15% if in the proposal.
Good luck with the interview and ring your IP if you wish to advise what is happening.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
