Could someone tell me how it works if you enter into an IVA and then take on an extra job to get some extra money. Does the 10% of regular income then 50% to the Iva rule still apply?
Would this be looked down upon if you were trying to pay off more each month. I'm only talking a couple of hundred extra a month here? And if you did this would you be able to pay the IVA out early?
You could only get out of it early if you had paid 100% back to your creditors and all the fees for the IVA company you used. The IVA will stay for the full term no matter how much you pay back if it is lower than the 100%.
Last edited by Pandy on Sat Jul 03, 2010 6:20 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
And when you say 100% - you mean the original amount? ie 56k - not the amount I would pay back under the IVA?
But is this frowned upon - going into an IVA then at the review giving over more money as you have earned more than you stated at the start.
This isn't from a regular job - just from beauty treatments that I can do and get paid for on an evening - as I have a full time job. I don't do any at the moment but know I could but don't know how much money I could make from it. What I do know is that regardless of how many treatments I did I still can't pay my bills right now.
it isn't frowned upon as it is the same as someone doing overtime although there might be seperate rules about a 2nd job, one of the experts could tell you about that better, most people if they earn extra from overtime or bonus etc have to pay over 50% of the extra after 10% above there normal wages stated at the start or their last review. It could mean that you are able to give a higher return to your creditors, what you owe to your creditors is owed for the life of the IVA and only at the end do the creditors accept to right off anything still owing it is not the payments you make unless you reach the 100% of your debts.
If life is what you make it, I must have been in a strange mood when I made mine
Why are you struggling to meet the payments Kitty? Was your budget incorrectly worked out at the outset of your IVA, or have your circumstances changed at all?
