Possible job offer - how would it affect IVA?

[njc]

Hi, wondered if anyone could help on this one - we have just started our IVA and my partner may be offered a better paid job (he had the 2nd interview on Friday). The only problem is that he will not be paid overtime anymore. Will the creditors take all of the difference in salary? I'm presuming that if he gets the job then they have to do a new review - bit worried that it's so soon after our acceptance. Will it look bad?[:I]

[Shining]

Hi, it won't look bad at all especially if more money can be paid into the IVA or even if the IVA payment isn't affected it will be fine.

Contact your IP once you know and they may want an I&E straightaway or others leave it until next review but do take advice from your IP.

Good luck with job offer hope it comes through for your partner. x

[luluj]

Morning - a better paid job will not always mean an increase in payment !
There could be additional expenses related to the higher paid job - more mileage to travel to work, different clothes needed for the new job etc etc - it is important that once you know the situation that you speak with your IP to gain their view as to whether it is reviewed now or at your annual review - personally if it is a significant increase in salary I would want it reviewed now so that I knew where I stood - however others would say leave well alone and enjoy the extra - depending on the wording in your proposal will depend as to whether increased payments kick in after annual review or whether you will need to start paying straight away !

[njc]

Thank you! He still hasn't heard but I will let you know what happens.

[ladybird321]

Hi njc, I got a better paid job half way through my IVA. My advice would be if you get offered the job, before you accept do your own I&E, like lulu said it might seem like more money but it depends if you have more expenses. What ever is left say for instance £200 you 'may' be able to keep 50%. IVA's normally let you keep 50% of any salary increase after a revised I&E is done and agreed. Again good advise by Luluj, if you accept the job tell your IP straight away and get a review done, it is best to know where you stand and what is agreed rather than assuming what you will need to pay then get a shock when you get to your annual review. I think if it is a significant rise in disposal income you will be expected to tell them straight away.