Honest Opinions please - extra income

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600andy

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Post by 600andy » Thu Aug 27, 2009 1:37 pm
Guys,

I would appreciate your honest opinions please - I was considering taking up a part time job to give us some extra money - now assuming after tax 50%-70% would be snaffled by the IVA - is it worth it? Putting in 4-5 hours at the weekend and ending up with £10-£15 just doesnt seem worth the bother.......

I guess cash-in-hand would be best albeit a bit dishonest - but no-one pays cash-in-hand anymore.

Am I right in thinking that I am not allowed to keep 100% of any disposible income over £100?
 
 

Michael Peoples

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Post by Michael Peoples » Thu Aug 27, 2009 1:47 pm
It would depend on the conditions in your IVA. You may be able to take a part time job if your total net income does not increase by more than 10% but your IP would have the full details and could advise further.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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newtoallthis

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Post by newtoallthis » Thu Aug 27, 2009 9:20 pm
Hi, I was thinking the same thing. Maybe a second part time xmas job or something just to help at that time. Don't know how it would work.
 
 

Skippy

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Post by Skippy » Thu Aug 27, 2009 9:27 pm
It depends on the terms of your IVA and how much you actually want the money as to whether it's worth it or not.

Personally if I was going to only end up with an extra £10-£15 I wouldn't bother, my weekends are too precious, but check the terms of your IVA, and speak to your IP if you're not sure.
 
 

newtoallthis

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Post by newtoallthis » Thu Aug 27, 2009 10:49 pm
Thanks, it was just another hypothetical question. I have lots mmore to come!! lol. I think the same if your not going to get much out of it its probably not worth it.
 
 

kallis3

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Post by kallis3 » Thu Aug 27, 2009 11:07 pm
There are some people on here who have worked a second job and had the whole of their wages taken from them to pay across to the IVA.

Think long and hard before doing it as your health is also important.
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.
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newtoallthis

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Post by newtoallthis » Thu Aug 27, 2009 11:26 pm
Yes, don't think its worth it. Think i'll take it easy instead. I already work 20 hours a week, think i'll leave it at that.
 
 

600andy

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Post by 600andy » Fri Aug 28, 2009 1:11 pm
newtoallthis wrote:

Yes, don't think its worth it. Think i'll take it easy instead. I already work 20 hours a week, think i'll leave it at that.
Blimey - I work 50 hours per week (only get paid for 37.5 but I am in Management) and still feel hard done by - hence the possible weekend job.....I am not mad on the idea as I am usually knackered anyway at the weekend, I was just wondering if it was really worth it after everyone has their slice...methinks unless its cash in hand, probably not....
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