Second job

[Adam Davies]

Hi
I think that you need a difinitive answer from your IP before taking the job.
The word probably doesn't really help.
Was it your actual IP that you spoke with ?
Regards

[MelanieGiles]

If I were your IP, I would carefully consider the benefit to creditors of you taking the job against the effort you were making in improving your eventual return to them.

You might perhaps like to suggest to the Supervisor that you are only prepared to take the job on if allowed to retain 50% of the income. That effectively takes the decision away from the Supervisor, which might make it easier for him to make his mind up!

If I were your Supervisor I would be agreeing to this, and would be happy to justify my decision to creditors.

[cr15py]

Yeah I do want a definitive answer, because there is not much point working for nothing!

It was my designated contact I spoke to (which has been the case 99% of the time) as opposed to my official IP (aka the big boss!) But I'm guessing that I would be expected to pay most of it across to my creditors.

On a separate issue, I had the 15% rule and 5 months payments for nominee fee. On a £270/mth for £16,500, what does this make my fees for my IVA?

[MelanieGiles]

I calculate it at £3,967 (including VAT). Please read my earlier post, as I think yours was answering Andy's and not mine due to timing.

[cr15py]

Thanks Melanie, Andy, et al.

That's a decent theory Melanie, which I might try out. I can see myself making the 100p/£ dividend even without the second job, as that only works out about £800 per year that I would need to pay additional in to my IVA. Presumably as and when I have paid all my debts and the fees, then the IVA ends?

I am looking at things too simplistically here, or is what I am saying right?

I am definitely starting to see a murky haze at the end of the tunnel now!!

[MelanieGiles]

If you can pay 100p in the £, the additional money will help to reduce the duration of the IVA so that might bring some benefit to you.

[Adam Davies]

Hi
Melanie makes a good point,as it may be possible to pay your full original debts and IP fees in full before the five years are up thus shortening your IVA. A good incentive to take that second job even if you do not keep the lions share of the extra wages
Regards