Is getting an IVA against the terms of contract

Ignaceous · Post by **Ignaceous** » 01 Nov 2017, 17:21

Hi, I've been advised to enter into an IVA to sort out my debt issues. I've been a postman for 12 years and need to know if this is allowed in my contract of employment, or whether I need to declare it. I can't get through the automated HR line to ask anyone there .
Cheers to anyone who can answer this.

Janet Brum · Post by **Janet Brum** » 01 Nov 2017, 17:58

It`s that a wise idea? Are you prepared to pay £5000 fee on top of your debt?
I hope you can find another solution, this is not one of the best.

https://www.citizensadvice.org.uk/debt- ... rangement/" onclick="window.open(this.href);return false;

rubberbond · Post by **rubberbond** » 02 Nov 2017, 15:26

If you don't owe it to Royal Mail,what's it to them? You're not the only one I'm sure.

Creditshampoo · Post by **Creditshampoo** » 02 Nov 2017, 16:54

Pretty sure it’s fine.
Though I would say you should alter your outgoings and get a debt relief order instead

Post by **General Mannerheim** » 02 Nov 2017, 17:01

You don't have to disclose it to them. Make sure you make copies of your wage slips though as your IVA will want regular proof of your earnings.
Going into a debt relief or DMP does not always mean that the interest will be stopped though, I'm sure the OP wouldn't have entered into an IVA lightly.

Creditshampoo · Post by **Creditshampoo** » 02 Nov 2017, 17:24

IVA stops after 5 years anyway any other debt is wrote off

Matt123 · Post by **Matt123** » 07 Nov 2017, 20:45

Getting an IVA for me was terrible , when my IVA finished after 5years they took 15k from me because my house had equity, and of coarse I didn't have that cash so they offered me a loan which I could pay back over 15 years and would end up costing me 35k
I ended up getting cash elsewhere.

terry2972 · Post by **terry2972** » 07 Nov 2017, 22:41

Before entering into a Iva speak to step change who are a charity and they will advise you if a Iva is suitable for you or maybe a dmp the latter being a way of repaying debt but over a longer period normally not paying any interest but the main thing is if you have your own property it is protected as long as you pay your mortgage hope this helps

NewPostieUK · Post by **NewPostieUK** » 09 Nov 2017, 17:05

Ignaceous wrote:Hi, I've been advised to enter into an IVA to sort out my debt issues. I've been a postman for 12 years and need to know if this is allowed in my contract of employment, or whether I need to declare it. I can't get through the automated HR line to ask anyone there .
Cheers to anyone who can answer this.

It has absolutely nothing to do with your employer.

terry2972 wrote:Before entering into a Iva speak to step change who are a charity

Step Change is excellent. https://www.stepchange.org/" onclick="window.open(this.href);return false;

Post by **blue1873** » 18 Mar 2018, 01:00

That's easy for you to say