i am in a IVA self employed

[neil.a]

i am in a 1va for 3 months pay 414 per month, i am self employed and my money goes up and down, i am happy to pay more but if my iva goes above 414 that i pay already, and then my money goes down i would struggle to find the money.

I feel its better for me to stay on low wages than to earn more to pay my debt off, i would like to set the extra money aside and send to my ip each month as separate so he can share it out like a gift.

Can this be done

I look forward to your reply

[accgroup]

Hi Neil

If you are able to set money aside you should do so, try putting it into a separate account, that way if your income goes down you will have funds available to help you through those periods. You may have a term of your IVA which provides that you should pay 50% or some other proportion of any additional income received about that quoted by you in your IVA proposal into the IVA, you should check your paperwork from your IP to see if this is the case, or alternatively call your IP for clarification. If you have this condition you could pay this money directly to your IP every month, ultimately increasing the potential return to your creditors.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[neil.a]

Hello.
Thank you for your reply, i am married and my cannot work due to legal reasons, yes they can have 50% but if my work dries up and i cannot make the higger payments then i would have to go bankcrupt..

Thats why i would sooner give as a gift, i will speak to them and if we cannot aggree its better to stay on low wages, i will check my aggrement but as long as your honest i cannot see a problem if i send money as a gift and not up my level of payment which would hit me very hard if my job situation changed.

Regards.

Neil