New Job but a bit Concerned

[mark2010]

It was great to get offered a job with a decent salary after nearly a year of crap jobs since redundancy last year.

But now I am concerned and confused that the extra salary is going to be swallowed up by the IVA. Spoke to my IVA company to advise of the increase and they advised not to do anything until my review in July, There is a 50% clause on overtime in my IVA but it will not be overtime during the next 4 months it will just be my basic salary.

She went through some calculations with me on the phone but it didnt sound right? I worked out that my IVA payment would go upto about £400 from £160 [:0] if this is the case I would rather cancel my IVA and go back to paying my creditors direct.

Does this sound right to anyone?

[Julie]

Hi Mark and congrats on getting a great job.

I'm surprised your IP didn't request a revised I&E form straight away. As you say this isn't overtime so the 50% clause shouldn't apply. I would have thought a new I&E form would include your increased salary and any increased expenditure due to the new job. i.e work clothes, dry cleaning, increased traveling?

Did you speak to your IP direct?

Please don't jump into canceling your IVA as creditors will add on interest and charges etc.

[Shining]

Hi Mark, I can't comment on amounts but if you've increased disposable income then your payment may go up. Do you have expenditure to offset some of the extra income. You will never pay more than 100% of your debt and IP fees. If you revert back to paying creditors you won't be protected by your IVA and interest will then be added to amounts owed.

One of the professionals will be along soon to advise x

[mark2010]

I never speak to the IP direct, its always one of their team the first thing I asked them was about revising my I&E but they did not seem to bothered.

The woman on the phone advised me it would be better to wait for the review where the I&E, salary increase etc would all be reviewed. Although I am not convinced, I might give them another call in a bit.

I will be travelling about a bit in my job so will have to pay out expenses etc and them claim back, The concern is that if the IVA payment goes up to much I will not be able to cover expenses etc which will make the new job not such a good move

[Shining]

http://www.insolvency-service.co.uk/newipsearch.htm

Try this link to find your IP's email address assumuing you don't have it and talk to him / her direct.

[Julie]

I'd certainly follow the link Lesley's provided Mark and contact your IP direct. Sometimes an email is better as you have a record of your correspondence.

My concern is that come your review time they may decide you owe money into the IVA, which would be unfair as you have alerted the company to the change in circumstances.

Hopefully one of the professionals will comment on this.

As for paying out work expenses and claiming back, ask your employer if there are fuel cards etc available. Many companies have introduced measures to avoid employees paying out of their own pocket in the first instance.

[mark2010]

Thanks for the link Lesley[:)] Email sent! Hope I get a repsonse.

Thats what I am concerned about Julie, I dont want to have a shock after my review[:0] as for the work expenses, hotels and trains etc I can get booked through the company. Its the unplanned stuff I will need to pay for and claim back, things like Food, tube journeys etc etc.....

Just will have to wait and see what the ip's say, fingers crossed that this will work out [:)]

[Julie]

You're right Mark, you need some extra cash for these journeys etc. How far into your IVA are you?

[mark2010]

I'm just 8 months in, its gone quite quick though. I might win euromillions tonight and it will be all over tomorrow [:D]

[Shining]

Hope you get a reply mark, do let us know how it goes wont' you? x

[Julie]

I hope you win tonight and me tomorrow [:D]

[kallis3]

Only do either lotteries now when it's a rollover - we did win £7 on the Euromillions last week, but I won't be bothering the IP with that one!

[Julie]

Hope you invested the £7 wisely Jan!!

Let us know when you get a reply from IP Mark...

[kallis3]

The £7 went towards the weeks shopping!

[Shining]

I've had a windfall today all £5.71 of it...used to have my phone with the Post Office and changed over to Sky when we got the whole package just short of a year ago. Today Post Office write to me as they did some rounding up of calls wrong and they owe me £5.71 and if I take the letter to any post office they'll scan the barcode on the letter and give me the money! How honest as I would never had known x