www.iva.co.uk

Hello,

Wondering if any of you experts can answer me a question. I am starting a new job although my basic salary is going to be the same I may have a slight decrease in my salary as I will be getting paid a different unsocial rate for my night and weekend shifts. With this being said I am just wanting to know what the likelihood of an IVA extension is. I want to avoid this where possible. There is a chance I can stay in my current employment on a zero hour contract to try and do an extra shift to help get my wages to what they have been. I am with PayPlan, I have read online that you can have a 15% decrease and they do not have to inform creditors but I am unsure if this is the same for every IVA and if this means I would require an IVA extension.
At the moment I am not sure exactly how much my wage is going to be decreasing but I reckon at most it will be around 200 which would meet the 15%.
I hope this makes sense and thank you in advance for any replies.

When you start your new job you will need to tell Payplan and possibly do a new I&E. You can have your contributions reduced by up to 15% - not sure if this will trigger an extension or not.

You need to check your own paperwork. Most arrangements give the IP the discretion to reduce by up to 15% without reference to the creditors and this is usually with no need to extend or otherwise 'catch up'. However the IP is free to extend, if they deem this is needed, as part of the 'deal'.

I started a new job 3 months and straight away told Creditfix as my salary decreased and because of that had to go forward to a variation meeting for my creditors to accept a lower monthly payment and send all new documentation required and new I&E luckily my creditors accepted but the downfall is they added another 12 months on top so 6 years instead of 5 now