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I currently have an IVA which started in October 2006 and I am trying to change careers, which would mean taking a salary cut for about 2 years. Would I be likely to be able to renegotiate my monthly payment if I voluntarily take a pay cut, or would I be expected to maintain the payments as they are?

Hi Plum,

This is not the way to go about it, but what I did was decided to work on a fractional contract this year as I was really stressed at work. This affected my income, but I was still able to make payments. What I didnt do was tell my IP about it so I was really nervous when it came to my annual review as I was worried that my IP would ask me why I didnt ask him first. As long as you are able to maintain your payments, I dont see why you cannot change careers, but renegotiating your payments might be a non starter

plum, contact your IP as soon as possible about this.
Your IP will have to have a variation meeting where the creditors would have to approve the temporary lower IVA amount. A 'real' expert will be along shortly to give you more information.

Good luck.

All I have left is my humour.

No need for a "real" expert when we have DebtDummy. Her advice is as ever completely accurate!

All I would add is that you should not put your life on hold just because you are in an IVA - you have a future after all to consider, and if the creditors agree to a reduced payment for 2 years why not.

How much are you paying at the moment, and what do you think that will reduce down to?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk