www.iva.co.uk

Hi, i've had an iva for six months now and work for a small company,. My boss has decided to stop paying me overtime(which was increasing due to a redundancy at work) and give me a company car instead . Will this affect my iva ? if so how?
many thanks for your help.

Hi there and welcome to the forum

Was your overtime money included in your salary at all? And a company car will give you a taxable benefit, so your salary will be lower, but if you are able to sell your own car this could help - as presumably there will be no running costs for you to fund.

Get the payroll department to work out some figures for you so you can see how your salary, and therefore the dipsosable income paid into the IVA, would be affected.

Thanks for getting back to me . My overtime was included when i took out my iva, but only an average over the year so i dont think losing the overtime will make much difference monthly (some months were good, some bad)Can my crediors say no to me having the car ?

Creditors will not say no to you having the car, especially as they may advantage by the reduction in running costs.

Beware of the hike in tax though.

I have a 1.6 Mini Cooper (lowest grade car on the fleet at the time believe it or not) with petrol card and combined with "free" BUPA, I have no personal allowance at all.