Would a job with a higher salary mean I could pay off my IVA much quicker ?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
 
 

sean

User avatar
Posts: 31
Joined: Sun Feb 19, 2006 11:12 am
Location:

Post by sean » Tue Apr 17, 2012 7:33 pm
I have been in a IVA since last July. Would a job with a higher salary mean I could pay off my IVA much quicker ?
Kind regards

Sean
 
 

kallis3

User avatar
Forum Expert
Posts: 77177
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Apr 17, 2012 7:39 pm
Hi Sean.

If you get a better job then obviously your payments to your IVA will be more but, unless you can pay off your total debts in full plus fees during that time, you're iva won't finish any sooner.

It may just mean that your creditors get a better dividend.
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
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Tue Apr 17, 2012 7:49 pm
Hi

Your creditors will just get more of their money back and write off less at the end of the IVA.

Regards
Andam Davies
 
 

Broke of London

User avatar
Posts: 7761
Joined: Sun Sep 05, 2010 6:04 pm
Location: United Kingdom

Post by Broke of London » Tue Apr 17, 2012 8:07 pm
Don't let the iva put you off taking a job with a higher salary just because you won't feel the full benefit of the increase in your salary. At the end of the iva, your career will have progressed in the direction you want and you will reap the rewards!!!
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Wed Apr 18, 2012 12:59 am
With a higher salary, all is not lost to creditors! You will recalculated your disposable income using the new salary, and then your IVA payments will increase by one-half of that new sum - thus allowing you to retain your 50% share. It may not be a lot but it all helps.

This assumes that your IVA has been presented in line with the IVA protocol. Best to check this out by having a read through your own documents or checking with your IP directly.
Regards, Melanie Giles, Insolvency Practitioner
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”