www.iva.co.uk

Hi All,

Am once again asking for some advice sorry:)

I was just wondering i have been offered a new post with a different council less money though and only a temporary contract, for 12 months i want to take it because where i am now its very unsecured and we could be made redundant any time, What would happen with my payments if i accepted this role, obviously i wouldn't be able to afford the same payments but was wondering would i be penalized for taking the new job./

You wouldn't be "penalised" as such, but you would have to conduct a full review to determine the new payment level. If it is less than 15% lower than the current payment your IP should have the discretion to go ahead and reduce the payment. If the reduction is going to be more than 15% the creditors will need to be consulted to agree any reduction.

This could go a few ways -- either they accept as is, accept along with their own modifications ( maybe paying an extra year to make up the loss) or refuse.

If they refuse you either have to attempt to carry on as you are or the IVA will be failed and you will be back to square one with your creditors.

First you need to look at the likely figures.

My payments at the moment is 224 but my agreed payment at the start was 15, only went up because of all the overtime i have been doing, I would be able to afford 150 easily and only have 22 months left my mam said she would pay it of if it was 150 a month which would be 3300 for the remaning 22 months

The way my IP worked the reduction clause was that he was allowed to go to 15% below the originally agreed payment, so you should be able to go back to 150 (possibly a bit more if, as you say, you can do that "easily" ).

ah brillant i can afford my orignal payment of 150, like a say only reason its gone up its becuase my income went up due to a lot of overtime,

My mam is willing to pay 3000 had a full and final offer

Bit concerned that your payments have increased due to overtime --- this should be dealt with as an extra payment each month, not by increasing your normal payment. Might be a sign your IP doesn't work the same way as most, or that your arrangement isn't drafted as usual.