Hi, My wife and I are just entering our 4th year of our IVA. My wife may be offered a new job next week. The new job comes with an additional 5k per year and a company lease car. we were just wondering what experiences people may of had of a similar situation, Obviously if it came a reality we would contact our IP but we are wondering the following: -
1) How much of the additional 5k per year are we actually likely to get? how much goes into the IVA?
2) Would a company lease car be an issue whilst in an IVA?
3) We don't really want to bring the IVA up with the potential new employer but is it necessary?
Any advice or experiences shared is much appreciated
1) They will be entitled to 50% of the net increase in income (assuming you are both in IVA's). That will be the £5k extra less any additional expenses.
2) The lease car shouldn't be an issue, although your current allowances re vehicles will need to be adjusted and might increase your disposable income (again assuming you are both in IVAs).
3) As long as they don't credit check and debt solutions are contrary to the terms of employment don't mention it.
The above comments relating to both being in IVA's apply to most IVA providers. If you are with Payplan, they take a different approach and includehusehld income regardless.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hopefully foggy has provided the updates you needed - as foggy says don't mention the iva unless the terms of employment dictate. Even then I would be saying you are reaching the conclusion of your succesful iva.
Fingers crossed your wife is successful on her application.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The increased salary should not normally need to be taken into account until the next annual review. Ask the IP for permission to get the vehicle lease and then do a new I&E going into the final year. You could do one earlier which may be worthwhile if you get overtime, bonuses or commission.
