new job- pay cut help

[carebear]

Hi

I am 8 months into my IVA and I have had to take a new job which is a pay cut.

Basically I won't be able to afford my IVA payments as they are at the moment.

Has anyone had any experience of this? What did you do? What happened?

I have emailed the IVA company to explain the situation to them and the wages I will receive but I haven't heard back yet and a payment is due at the end of december.

I am getting a bit worried now.....

[Broke of London]

Your IP will review your income and expenditure with you to see what is now affordable. Your IP can sanction a reduction of up to 15% of your monthly payment but anything more will be put to a creditor vote. A few companies are being very slow to respond at the moment so be persistent. x

[luluj]

Welcome to the forum. Unfortunately your I&E will need to be reviewed to establish what your payments can be that are affordable to your new circumstances. If this means a reduction of more than 15% then your creditors will need to be contacted and asked to re-agree your payments - this will involve a variation meeting. If creditors do agree to a reduction of payments then it may mean an extension of 12 months to ensure the original agreed minimum dividend is received.
Speak with your IP to instigate this review asap !

let us know the outcome.

[isseymyake]

Hi direct187, this happened to me in Feb this year. I rang my IP straight away and they reduced my payment by 15%. I can't say it has been easy with the pay cut but I am just about managing it. When I'm struggling its usually the food allowance that takes a hit and once a month its a week of value beans on toast and pasta.You do learn to adjust to a certain point and I have just sorted the cheapest christmas ever for the first time in years! Must say its a good feeling knowing I won't still be paying for it next year! It's took 8-12 months though to fully adjust to life without credit etc. You are only 8 months in (well done)but in a few more months you will find things a little easier to live with. This forum is a godsend too especially when you are feeling down about finances and your IVA. It's like a little life line! Chin up and keep going, at least you are on the path to recovery despite it being bumpy sometimes!