Taking on any part time work whilst in IVA is fine but you will need to inform your IP so any additional income is taken into account for your IVA .... You may be able to keep 50% of the additional income, but it will depend if your expenses will increase and if they do it might set one off against the other.... Speak to your IP and they will let you know
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Would you be doing this in addition to a full time job or as well as? If it is the former then you should hopefully, as luluj says, be able to keep some of the income. If it is to be a full time business, will you be able to afford to continue your IVA payments?
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 Cathy. My OH has just started freelance translation work as a self employed part time business. Her IVA (we have joint / interlocking ones) is serviced from her (our) PAYE employment. When paid for a project, we deduct usual running expenses (as you would with any business), set aside tax and NI, and split the remainder 50/50 with our IVA
I might add ---- run everything by your IP to keep them in the loop, that way, if they see a pot hole coming they can help apply the brakes sooner rather than later.
Last edited by Foggy on Sat Apr 09, 2011 8:38 am, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
