I was just glancing at the wider issue.
A more reasonable cut may actually raise the total creditor reciept and keep debtors motivated on the career ladder!
I would accept promotion/payrise but think twice about excess/unsocial hours.
If on a low wage doing overtime you would be realising about £3.20 an hour (after tax and 50%)!
I would look at the bigger picture, and think about after the IVA and the extra money I would have at my disposal.
If I was able to pay back more to my creditors then I would be happy to do so.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I see if from the individual view and longterm future.
To be honest I wouldn't be put off by paying back more to creditors. To me that would be short term.....future career prospects and gains + = long term.
I would also have a strong sense of pride in achieving all I can.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If I could better myself I would do it, but if it was just a case of increasing my hours then I very much doubt I would.
It would also depend very much on how far into my IVA I was - if it was right at the beginning I would think twice as I think 5 years is more than enough in a job (says she who's been in this one for 8!), but if it was towards the end I'd be more inclined.
Mind you, I'm not the best person to comment on work at the moment - it's as much as I can do to drag myself through the door at the moment!
I know its difficult when your weighing up working hours versus paying into the IVA, but I really wouldn't put my working life on hold due to an IVA. If I have to pay it all across in the short term, so be it......in the long tern it has to benefit me and mine?
As long as the money was more and I had job satisfaction, then I would do it.
I've been working for the police now, in one form or another, for 39 years! Can't see me being able to change now, although I wish I could.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes Hugo it can be demotivating but it is ultimately down to the individual wether or not he or she takes a long term view and accepts career advancement and/or extra overtime whilst in employment and paying into an IVA, and I now consider a 50/50 split to be a fair agreement when previously I did not. Personally, I mop up all the overtime I can get knowing that I get to keep 50% of it,(which can pay for the little treats in life!), whereas another guy I work with who has 15 months of his IVA to run refuses point blank to accept any overtime offered to him just because he would have to hand 50% over - negative in my view, but I respect his right to take that stance!
I would love to have the opportunity to work overtime![:D]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hope it's not too bad. The only night shift I will be doing is with a hot water bottle, dogs and hubby (in that order![:D][:D])
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi,
I took a promotion in year 2 of my IVA. I was able to keep 50% until my review then i had a new income and expenditure at annual review. I was better off than year 1.I work more hours with load more stress-just focusing on the end of my IVA.I took the promotion for my personal development as i did not think i would get extra money.Good luck with whatever you decide.
