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This is the place to ask questions if you are already in an Individual Voluntary Arrangement
By Charlie123
#27134
Hi there. i am thinking of changing jobs and the new job will be lower paid. can i still continue to pay the same amount into my IVA as my living costs will be less as I am moving up north??
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By Geraldine
#27145
Hello Charlie123, welcome to the forum

If as a result of all the changes you are expecting your disposable income stays the same then you will be expected to continue to pay the same amount into your IVA. That is always the best thing if it is feasible.
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By Hayden
#27155
Hi there Charlie123

I am not 100% sure what you are asking. Clearly if you have a change in circumstances but the end result is you can afford to pay the same into your IVA then there will be no change to your payments. Are you sure that your reduced expenses after your move will be sufficient to compensate for your reduce income?
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By Geraldine
#27177
Hi again Charlie123,

If you think the changes to your income and expenses are definitely going to happen then I do not think there is any harm in letting your IP know straight away. Once you have moved, they will then probably ask you to complete a new income and expenditure statement so they can check all the figures. They will confirm that to you though.
#27197
Hi Charlie123

As Geraldine has said, you should speak to your IP straight away about the changes that might be happening. However they will probably want to wait until your move has actually happened before doing anything. Then they will review your new income and living expenses and decided if any changes need to be made to your payments. However if overall your disposable income stays the same then there will be no change to what you pay into your IVA.