IVA Articles
Articles and Information on everything related to IVAs
IVA : Will My IVA Be Affected If I Change My Job?
It is perfectly acceptable for you to change jobs whilst in an Individual Voluntary Arrangement (IVA)
There are however some practical points to bear in mind. If your new job pays extra money there is a good chance that your monthly contribution within the Individual Voluntary Arrangement (IVA) will have to rise. Creditors rightly expect you to pay back as much as possible in an Individual Voluntary Arrangement (IVA) to minimise the amount they have to right off at the end of the arrangement.
You also have to bear in mind that if you change jobs during an Individual Voluntary Arrangement (IVA), payments should continue without a payment break, sometimes this is not possible but with proper planning can be accommodated.
The most important thing to remember is to maintain good communication with the Insolvency Practitioner if you wish to make any material changes in your Individual Voluntary Arrangement (IVA). From the point of administrating your Individual Voluntary Arrangement (IVA) if your supervisor is aware of what is happening it should be a straight forward procedure.
If you need help with any problem arising from your Individual Voluntary Arrangement (IVA) you can speak to one of our experienced advisers by calling 0800 088 7503 or visit myIVA-Adviser.com and download one of our many free guides designed to answer your questions related to Individual Voluntary Arrangements (IVAs).
