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NiksIVA

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Post by NiksIVA » Tue Jun 30, 2020 10:40 am
Hello, i'm new here!

I have just had my verification call for our joint IVA. We have been told we should be all sorted in 14 days. I have a couple of questions though which i have just thought about and wondered if anyone would know.

1 - I am self employed, my earnings for on my tax return were £1050 a month profit which is the figure used on the I&E. However, currently i'm only earning £500-700 a month profit. If i was to take a part time job for say £250 a month would i need to declare this or would this be ok as its still under that amount on the I&E?

2 - My husbands wages were put through at his furlough amount, he is now back at work and will be going pack to full pay so around another £200 a month. Do i need to declare this?

3 - This one may be an odd one ...... I also trade foreign exchange on the stock market, im a day trader so profit/losses are daily. I do it part time and hold money in broker accounts. If i was to withdraw money does this need to be declared?

4 - So i can be prepared how many bank statements are requested on the annual review?

Many thanks

Foggy

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Post by Foggy » Tue Jun 30, 2020 11:31 am
1 - I am self employed, my earnings for on my tax return were £1050 a month profit which is the figure used on the I&E. However, currently i'm only earning £500-700 a month profit. If i was to take a part time job for say £250 a month would i need to declare this or would this be ok as its still under that amount on the I&E?

You have to evidence all income, so it would have to be declared but should be disregarded if under the agreed 1050. Youy need to discuss this with your provider as it will also depend on how they are treating vour variable income --- for instance, if you 'over earn' one month, would this be offset by the months you 'under earn' ?

2 - My husbands wages were put through at his furlough amount, he is now back at work and will be going pack to full pay so around another £200 a month. Do i need to declare this?

Yes ---all income has to be declared.

3 - This one may be an odd one ...... I also trade foreign exchange on the stock market, im a day trader so profit/losses are daily. I do it part time and hold money in broker accounts. If i was to withdraw money does this need to be declared?

Yes -- all income has to be declared --- In this case as you 'earn' it on a monthly basis ... not just what you withdraw.

4 - So i can be prepared how many bank statements are requested on the annual review?

It varies from IP to IP -- some ask for the years worth, some ask for the last three months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

NiksIVA

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Joined: Tue Jun 30, 2020 10:09 am

Post by NiksIVA » Tue Jun 30, 2020 11:46 am
Thank you for your reply Foggy. I'll get in touch with them and see if i declare monthly or yearly.

Foggy

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Post by Foggy » Tue Jun 30, 2020 11:53 am
Tue Jun 30, 2020 11:46 amNiksIVA wrote:
Thank you for your reply Foggy. I'll get in touch with them and see if i declare monthly or yearly.
PAYE declares monthly and the extra payments are dealt with each month .... but with S/E some IP's work on a rolling average based on quarterly, 6 monthly or even annual declarations. Annual is a bit risky as you have to keep the extra income aside until you know how much they want ( and resist the urge to spend any of it in the meantime.

In our IVA's both myself and my (now ex) wife had a PAYE element as well as a S/E element. The IVA was based on the, predictable, PAYE income and all S/E income was treated as, basically, overtime income, dealt with monthly. In a nutshell we kept a third for ourselves, gave a third to the IVA and a third was set aside in our bank for HMRC, when they asked for it --- this was a bespoke agreement between ourselves and the IP and worked well.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

NiksIVA

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Joined: Tue Jun 30, 2020 10:09 am

Post by NiksIVA » Tue Jun 30, 2020 12:23 pm
Hello, i'm new here!

I had my verification call yesterday with Credit Fix and they have said we will be all sorted in the next 14 days.

I have a couple of questions which I've been thinking about, would any of you be able to give me any advice?

1 - Im self employed, and my wages are £300 a month less than my last tax return but my IVA has taken the higher earnings figure. Would i need to declare if i got a part time job to top me up to the amount put through on the IVA? For example a part time job earning £250 a month?

2 - On the income and expenses they put my husbands wages down as his furlough amount. Obviously this will change now he is back at work. Do i need to declare this change? It will be about £200 a month more.

2 - This may not be a usual question .... I'm a foreign exchange trader too, my broker account has £2000 in, would i need to declare any withdraws I do from my account?

3 - On the annual review with Credit Fix how many months bank statements do they request? Just so i can request these in advance and have everything organised.

Thank you in advance!

kallis3

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Post by kallis3 » Tue Jun 30, 2020 1:00 pm
Topics merged.
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

Foggy

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Post by Foggy » Tue Jun 30, 2020 2:06 pm
I see in the duplicated post that you are with CF --- unfortunately they have their own, unique, way of doing many things, so the replies I gave before might not hold up.

Your broker account balance is an asset and should have been declared as such at the outset, before the IVA was agreed --- creditors might have required you to cash it in.

Tread carefully with your IVA provider and get anything important in writing if possible. Read your IVA proposal from cover to cover, along with the standard terms and conditions, so that you can keep a watchful (and knowledgable) eye on proceedings.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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