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WHAT HAPPENS IF YOU TAKE A 2ND PART TIME JOB ON A IVA?

This increases your income and presumably therefore increases the amount your IP would ask you to contribute. What reasons are there for taking the second job?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
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That all depends on the terms of the arrangement. If you are subject to an annual income and expenditure review, and very few aren't, you strictly speaking should declare your part time earnings as part of your review.
If you are already in an IVA then your I & E in the proposal will only show the income from the one source, which I assume is full time employment.
I suspect that if you are subject to the normal terms associated with additional income, then you are going to be expected to pay 50% of your earnings (After deduction of Tax and NIC) from your part time employment to the Supervisor for the benfefit of creditors.

Tell it like it is.

MelanieGiles wrote:

This increases your income and presumably therefore increases the amount your IP would ask you to contribute. What reasons are there for taking the second job?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

I was just trying to see if i could have some more spare money to msyelf

Hi
Check with your IP as to how they will view a second job.It could be viewed as extra regular income and the full 100% will be required or they could view it as overtime and the 50% clause will be used
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

I already had 2 jobs at the outset of our IVA.
The income was included along with everything else.
GT did advise me , however, that it would not be worth my while working any extra hours on top of what i was already doing, as my creditors would be happy to see i was already doing my best to pay my debts back with 2 jobs.

Aucto Splendore Resurgo.
(7 down, 53 to go)

When i was looking at my proposal which i had to sign a direct debit form the only thing mentioned was windfalls and no mention of additional salaries or bonuses

If the second job is included in your income and expenditure before the creditors meeting then this is ok, however if you take on a 2nd job whilst in an IVA I believe that whole income must be put into the IVA.

I would ask yourself whether a 2nd job is sustainable for a period of 5 years?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Well is it pointless taking on a 2nd job as it sounds as though the IVA company would take it all anyway.

It would be great if second job money were routinely regarded in the same way as overtime - and people were allowed to keep 50% of it. This would mean more money paid into the IVA for the benefit of Creditors but also give the debtor the incentive of retaining their half to buy some little extras or to save for a rainy day.

I think its shows great effort on your part if you are able to take on another part time job (without over doing it)...in order to repay as much as is possible...but i also do understand your point. I think Optimist12 idea is good. x

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/