www.iva.co.uk

I am changing jobs but the pay is a lot less than i get now . I am changing because my job at present is effecting my health. How will this effect my iva payment. Will I get told to pay for iva longer.

Hi Max, this happened to me 12 mths ago when I got made redundant so had to take the first job that was offered. This was a lot less pay too and my IP reduced my payments by 15% immediately without the need to go to the creditors. I have managed to meet the reduced payment for the last 12 mths and luckily have just landed a new and better paid job more inline with my qualifications & experience. When I had my annual review I asked due to the reduction in payment would this extend my IVA and the answer was no. Speak to your IP asap then they can discuss your options. Good luck in your new job and hope this helps restore your health.

Not always consistant on this one, I was told any reduction would cause an extension after the normal term to make up the shortfall.

This is often down to the IP's discretion. Have a chat to them and see what they can suggest x

Agree with BOL - it could extend it but you do need to speak to your IP for specific advice.