I want to move back to UK and work fulltime

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Barrydc13

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Post by Barrydc13 » Tue Aug 10, 2010 12:24 am
Hello,

I am in an Iva and have been for the past 1 and half years. When I started my Iva I was asked to pay 329 pm based on a fulltime salary of 1700pm(after tax).

1 year latter after starting my iva I had to go into self employment due to me having to move from UK to the Ukraine where I would stay with my partner and my daughter. My IP siad that my payments would remain the same as I was self emplotyed and couldnt predicate how much I would earn each month.

Now I want to move back to UK and work fulltime, I need to get visa's for my family which will cost about $2000 and also we would like to get married. I can get a much better paying jon in UK and have had offers for at least 2600-3200 pm(after tax).

The whole reason for us to do this is so we can live in UK where its a better future for my family, But I worry that my IVA will take most of my extra money from the Job leaving me with no way of saving for marriage and visa's.

Can you advise on this? I didnt want to have to wait until the IVA was completed but too save almost $5000 on my current livings it impossible.

Best wishes
Barry
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 10, 2010 1:08 am
Hi Barry and welcome to the forum

It will depend upon the terms of your IVA as to whether your IP can take all of your increased earnings, some proposals just provide for an additional 50% of increased disposable income to be taken.

All I would say is don't put your life on hold just because you are in an IVA. If moving back to the UK provides a better standard of living for your family, then I would go for it.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Barrydc13

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Post by Barrydc13 » Tue Aug 10, 2010 8:04 am
Hello Melanie,

Thank you very much for your reply. I looked through my IVA documents and there is a clause that states "I will inform the Supervisors of any exceptional income(such as overtime,commission, bonuses etc) within 14 days and contribute 50% of that net income, above the exceptional income level, to the arranagement. exceptional income is monies received which is 10% or more over my normal take home pay".

So I guess I will have to pay 50% of any extra that I now get from new wages above the 1700 amount(if its over 170 or 10%)?

How does that take into effect if its a new Job, will that only change on the yearly reviews? I will also have to redo my I&E as it costs much more to live in London than where I am now so if I paid the 50% based on the 1700 I will also be short as my outgoings will increase.

I am currently pay 25p in the pound, is there a cap on how much maximum they can take like more than 1/1?

I dont want to put things on hold, so hopefully I can see some options.

Best
Barry
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 10, 2010 10:07 am
This will usually be done each yeaqr at the annual review point, and you will need to address your increased expenditure before agreement to pay over additional monies.

The maximum cap you would be required to pay would be 100p in the £ plus costs.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Barrydc13

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Post by Barrydc13 » Tue Aug 10, 2010 10:25 am
Hello Melanie,

I have sent of an email to my IP, hopefully they can guide me in the right direction. Im trying to plan everything beforehand but it is diificult as I still need to get the job, a place to stay and then recalculate my expenditure. its all open at the moment and difficult to make a plan without knowing for sure how much things will be. I can make a rough idea but just the IVA side of things throws me out.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 10, 2010 10:26 am
Just get things mapped out in order of priority Barry - with the IVA coming pretty low down the list right now, and all will fall into place for you I am sure.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Barrydc13

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Post by Barrydc13 » Tue Aug 10, 2010 10:44 am
Thank you very much for your time, I feel much more positive, This is for the better for my family, so it will work out.

Barry
 
 

Barrydc13

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Post by Barrydc13 » Tue Aug 17, 2010 9:39 am
Hi Melanie Giles, I know its been a little bit since we last talked. I have been talking with my IVA People and thay have stated that if I do end up getting the salary they will increase my payments, they may even go up to 100% if I get the good job Offer. They said there is no leway for me saving as any extra I get has to go back into the IVA. I will also redo my I&E. is there anything extra I can add to I&E to help me save in "other" ways, like emergancy fund etc?

Regards
Barry
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 17, 2010 9:25 pm
Hi again Barry

Your new IVA payments need to be based upon affordability, unless there is something in the proposal documents to the contrary - in which case you could ask your IP to put forward a variation.

I suggest that you ask your IP what contingency allowances they are prepared to provide you with - and then compare these to current CCCS guidelines.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Barrydc13

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Post by Barrydc13 » Fri Aug 20, 2010 2:47 pm
Hello Melanie,

Hope you are well, Just had another two questions ;)

I had phone interview this week and it went really well so holding thumbs the job is mine. I have also been told the salary is much more then I expected which is super news.

I now I will for sure be paying back 100% back every month to my IVA.

The questions I had, I am now paying 330 pounds per month and that is 25p/£1 (25%), so if I pay 100% does that mean I will pay 4x330 ? or do they calculate how much I have paid already subtracted and then the balance at 100%?

Also I was thinking of the two options, If I get the job and I earn that salary is it not beter to stop the IVA and pay off what I can and more towards the creditors to get it done then less than 3 1/2 years(rest of iva), or could I save for 1 year and make an offer to complete early?

whats are your thoughts?

Best wishes
Barry
 
 

kallis3

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Post by kallis3 » Fri Aug 20, 2010 10:29 pm
Hi Barry,

Just to let you know that Mel is on holiday for the next couple of weeks so will be posting sporadically, if at all.

Hopefully one of the other experts can pick up on this.
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
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