Change in circumstances – what to do

Keeping us updated with any changes in your circumstances throughout the duration of your IVA is extremely important. Why? Because failing to do so could breach the terms of your agreement and could even lead to the failure of your IVA. But aslong as you keep us in the loop, everything should room smoothly.

Positive Financial Changes

There are several clauses you’ll need to adhere to if you have a positive change. Whether you receive a windfall, pay rise, or a big expenditure reduction (for example a secured loan is paid off), you’ll need to let us know. Please keep in mind that only a portion of extra money that becomes available in the household will need to be paid in. Therefore, a positive change will still put you in a better financial position.

Negative Financial Changes.

If you are unfortunate enough to experience a decrease in income, for one reason or another, we will need to know about it. Whether you’ve lost a job, have experienced an increase in outgoings or face a one-off unexpected payment (such as a broken-down car). We will assess the impact of this on your finances and decide if your current agreement remains manageable, affordable and sustainable.

Most IVA’s have a degree of flexibility and should the situation warrant it, we may offer you different options, such as a payment break or a reduction in your monthly payments.

But if you have any questions or concerns regarding your IVA agreement or have experienced a change in circumstances, get in touch and we’d be happy to assist you.

Email us on [email protected]

Call us on 0161 672 8981