I have just started in an IVA (about 2 months - this forum was a lifesaver, by the way). I have been offered another job, which is 6k more a year than the one I am currently in. Obviously my payments have to go up, but how will it be recalculated? Will they take 50% of the extra I earn or even all of it because technically my outcome hasn't changed? Thanks
You will work out your new income, and calculate whether you will be incurring any additional expenditure, and then present a revised set of figures to your IP for them to review.
Depending upon the terms of your arrangement, you may only have to pay over 50% of the rise in net income, but your own Supervisor will be able to clarify that definately for you.
Thanks Melanie. When you pay more towards you IVA, that does count towards the total amount payable doesn't it? Or does the total amount payable increase if you are earning more?
I imagine that the amount you will be paying in will go up, as the creditors will want as much back as possible, but you will never pay more than the original debt plus some interest.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Cherrypink - if your payments are assessed higher, this does not come off the amount you have pledged to pay, but it does mean that your creditors will eventually get a higher dividend payment.
I would never let my iva hold me back if I was offered a better job, as you will get the benefit of the extra money and progression of your chosen job.
Good luck x
Be positive & look after yourself, there are more important things in life than debts....
