I am seriously thinking of taking a second job as hubbys overtime is becoming less and less. I know i have to pay 50% into iva but is this permanent or will it change at my annual review and be classed as normal income so i might have to pay all of it into the iva. Just wondering if it is worth it.
If I were your IP I would not seek any more of your money than I had to - ie 50% if that is your additional earnings provision, but you really need to check this out with your IP. Were the IVA payments calculated taking overtime into account? If so, this can be a very dangerous practice - especially in times of economic downturn such as those we are currently experiencing.
Check this out with the wording of your IVA agreement - think before starting it. Why increase your working hours, to hand over the majority of your money - would your time not be more beneficial with your family ?
I fully appreciate the thought of finding a second job - Ihave considered it myself....but when I looked into it I was only going to see an extra £40 a month after the rest going to my IVA - however when I stood back and thought why was I doing it - it would have meant I worked three weekends in four - therefore not seeing my husband or family! Not worth it for me!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You could also ask for an early review by your Supervisor to take into account increased costs of living for heat,light,fuel and food. Then see with reduction of husbands income and your prostive income from a second job what the likely increase or decrease would be.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
