If you have an IVA and your financial situation changes, the first thing you should do is notify your Insolvency Practitioner (IP). It’s really important that you keep talking to your IP – even if you feel embarrassed or shy or a bit intimidated by them. Remember, THEY are working for YOU! To help make Creditor Phone Calls Stop!

If your financial situation changes for the better – like if you start earning more money at work – you may have to pay more every month towards your IVA. Your IP will have a look at your income and outgoings every year anyway, to check that you are paying the maximum you can afford. If you have a really big windfall, like a lottery win or a big inheritance, you may well have to use that money towards your debt.

If things are getting harder for you – if you lose your job, for example – tell your IP right away. Missing even one payment on your IVA could ruin the whole thing. You really have to stay on top of things! Sometimes, your IP will be able to negotiate with your creditors for lower payments. There is no guarantee that this will work, though, so you must make ABSOLUTELY SURE when you first set up your IP that you are realistic about how much money you can afford to pay every month