hi im new here.

[marky b]

hi yall
im in the proccess of seeking iva advice through CAB. ive read a fair few previous posts on here but could anyone tell me how you stand regarding overtime. Am i right in thinking that it cant be taken into account when negotiating an iva . do they not chase you for extra if you have a good month.also if you have a car on finance,had no cash to buy one.can they make you give it up.
thanks guys.

[kallis3]

Hi, and welcome.

Firstly, overtime isn't taken into account when initially looking at an IVA as it is not guaranteed income. Your payments will be decided on your normal disposable income after priority payments have been made.

If you work overtime, you are normally allowed to keep the first 10% over and above your normal wages and then 50% of the remainder.

If you have a car on finance, you are normally allowed to keep that as well, but you have to be able to fund those payments outside the IVA and if your finance finishes during the IVA, those payments get added to your IVA payments.

CAB are not the best ones to speak to regarding an IVA as they are not experts.

I recommend that you visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best one for your circumstances.

The forum is also a great place for information and we have professionals post on here as well.

[marky b]

thanks jan
plenty to read eh.
where to start.

[kallis3]

The Insolvency Practitioners who post on here would give you a good place to start. All companies are well recommended on iva.com. You can find their details under the expert link on the left hand side of the page.

Give one or two a ring - you have nothing to lose and the advice will be free and impartial.

[Skippy]

Hi Marky b, I can't add anything to what Jan has already said, but I wanted to welcome you to the forum

[marky b]

thanks skippy
its all making my head spin.

[kallis3]

We're here for you Marky.

Ask away!

[marky b]

thanks kalliss
were sitting here and are considering maybe a debt management plan .an hour ago it was an iva might be bankrupcy by teatime.

[kallis3]

Give an IP or two a ring - the advice is free and if they are the professionals who post on here I doubt you will regret it.

[marky b]

hey skippy how come you only got 36 , have you freinds in high places.

[kallis3]

Skippy was bankrupty marky.

If you have sufficient disposable income after that, then you pay an income payment order for 36 months.

[plasticdaft]

Skippy is bankrupt and not in an IVA.

Welcome along to the forum.

Paul

[plasticdaft]

Dammit Jan you beat me to it!!!!

[kallis3]

[:D][:D]

[marky b]

ive made the call and chose to deal with melanies office and i wouldnt like their phone bill.
lots of paperwork at the moment and head still spinning probably because of spiralling debt.
this forum is a godsend its a bit like having online counselling.