Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By Blu40
#223226 Fantastic news; Only 25 minutes after my creditors meeting I received a phone call from Payplan saying that the IVA had been accepted with just minor modifications. Now here’s the bad news. My wife works for OCS as a stock-taker and has just been told that she will not be given preference to work assignments, because she can not commit to all the allocated assignments. My wife is in the top 5% of productivity yet because of her family/child care commitments cannot work all of the allocated assignments. She did, in the past work about 8-12 shifts a month and now they have cut her down to 2 or 3. I am due a bonus in July of which ½-10% will go into the IVA, I was just wondering if I could offset this due to the reduction of my wife’s income. She is now looking for another job and this could take a few months. Also has anyone on this forum got any HR knowledge? I think my wife could claim sexual discrimination as her company is favouring someone without family commitments over someone who has.
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By JaneClack
#223274 I do not know anything about employment law - there are lots of solicitors who do though so check with them!!!

Yes, you need to let your supervisor know of changes coming up as they want to keep your IVA going - generally there seems to be a modification saying no variation downwards in the proposals for the first two years which is why no IVA should be based on a budget that could fluctuate.

However, your supervisor I hope will be able to put your mind at rest.
By Blu40
#235003 Well, It’s now been 6 months since we entered our IVA. Money has been tight but with a bit of sensible budgeting we have managed to keep the bank account in the black. My monthly pay has increased by about £60 and so I notified Payplan. Brilliant news they said that my payments won’t increase. I still receive statements from Barclaycard (Showing amounts in arrears) and letters from the various debt collecting agencies they employ, but now I can laugh in their face. 10% paid, 90% to go.
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By JaneClack
#235015 You certainly can and well done!

Tell your supervisor and they can write to the creditors reminding them they should not be contacting you any longer!!
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By submariner
#235075 Congratulations, it's obviously all going well.

One thing you can do is check that all your accounts have been defaulted with the correct date (i.e. a date around (or maybe in some cases before) your IVA acceptance)... not super super urgent - as the info can be backdated - but just ensures that all your creditors have officially acknowledged your IVA and that your accounts will drop off your credit files 6 years after your IVA started.

Other than the drop-off by Barclaycard (they're a bit of a shower, but as you say, can't touch you), I'm sure you've realised by now that life generally goes ticking along quite nicely and quietly in an IVA... good isn't it?

Was the best thing I've ever done in sorting my finances, that's for sure... and it's even better when it finishes. The silent phone and lack of paperwork and unwanted correspondence is still greatly appreciated 3 years on! :D