www.iva.co.uk

Hi there. I have massive unsecure debts (110,000 ) but have around £800 monthly disposible income (my mortgage will have to be interest only for 5 years!) This will hopefully be enough to get the IVA. My question is as a nurse I can work extra shifts. Will that money be taken from me to add to my IVA payment? Thanks Linda

Hi Linda and welcome to the forum. My IVA had a modification in it that I would have to pay 50% of any overtime or bonuses received into the IVA, and I think that is pretty standard.

If you are thinking of an IVA contact 2 or 3 companies before making a decision - you won't go far wrong with the companies on the forum.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi Linda
In an iva 50% of overtime is usually taken and the other half you can keep. They only take the 50% as encourgement for you to earn more otherwise there would be no incentive for you to earn extra if they took it all. We regulary do overtime and feel it is worth it as the extra 50% gives us that bit of extra pleasure. Overtime clauses can vary though but this tends to be the usual.

Hope this helps

Ang

Hi Linda

Your proposed IVA looks OK without the additional income, so you will have to decide whether it is worth your while doing the extra shifts just to retain 50% of the money.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Linda

All the answers here are absolutely right.

Just one point to add. You clearly have a house so remember you will have to accept a clause in your IVA that says you will be required to release any available equity in the 4th or 5th year.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk