What happens if i get 2nd job during IVA. Is it considered permanent job?

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clairebear5987

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Post by clairebear5987 » Thu Jan 25, 2018 3:55 pm
Hi, I'm new to the site and just starting this long journey with Step Change today, well the I&E has been done just waiting for the paperwork and the proposal to start.
My question is , if I were to get a 2nd job on top of my main FT job would be I right in thinking I could split it equally between myself and my creditors? I mentioned this to the man on the phone and he said it would form part of my permanent income and that it would all go to my IVA.. which if it did there would be no point in doing it in the first place. I would want to pay back more if I can, and keep some income for myself too. I was just thinking for 6 months or so it could come in handy for extra cash for me and them, but not necessarily to last the full IVA term

kallis3

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Post by kallis3 » Thu Jan 25, 2018 4:34 pm
Once in an IVA you cannot negotiate with your creditors yourself and any extra income would go towards your IVA but you may be able to keep some of it, depending on your proposal
Sharing from experiences of dealing with debt
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Foggy

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Post by Foggy » Thu Jan 25, 2018 4:42 pm
I would say they should treat it in the say way as a permanent pay rise and split it 50 / 50 after the review following the rise.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

jonathah

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Post by jonathah » Thu Jan 25, 2018 8:06 pm
Re Foggy's post: This is what my proposal says (orig with Knightsbridge and now Creditfix) and what the latest IVA protocol seems to say as it it additional income. Step change may interpret it differently........
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