New job but Payplan say I now can't afford my IVA payments

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SOLAUZ

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Post by SOLAUZ » Tue Jan 07, 2020 2:26 pm
So long question. I have been offered a new job, contracted 3 days a week term time however this is paid over 12 months. I have also been offered guarantee overtime for the additional 2 days. I will be moved onto a 5 day contract in the future.

Spoken to tax credits who said they will take my overall estimated salary (overtime included) to work out payments. Payments will be low as my wage (with overtime) will be more then I'm on now.

Payplan however said they will only take my contracted salary which is less then I'm on now (80 per month less) and tax credits payments (Which will be low as they have taken my overtime into consideration) to work out my payments. This means payplans systems will say I don't earn enough to pay into an iva?

Please help. This job is something I really want, but the whole Iva working out is making it near impossible 😔

Foggy

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Post by Foggy » Tue Jan 07, 2020 2:29 pm
Are you already in the IVA with Payplan ? How much, if so, do you pay and how much are they saying you will be able to afford ?
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

SOLAUZ

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Joined: Tue Jan 07, 2020 2:09 pm

Post by SOLAUZ » Tue Jan 07, 2020 2:33 pm
I am. I pay 79 per month. I haven't accepted job yet so not given them the details. But they will take the income plus tax credits which I am assuming will come under the 79 payment if that makes sense

Foggy

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Post by Foggy » Tue Jan 07, 2020 2:45 pm
Right, I see. Yes, that £79 is about as low as a viable payment can be. Ask to see their calculations, maybe, just maybe, there is something you could trim off of the allowed expenses to bolster the IVA payment. Bear in mind that, as they insist on working on basic pay and benefits, Payplan will also be after half of any overtime --- but they are right in not being able to factor the overtime in as it is not contractually guaranteed and could be withdrawn.
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

SOLAUZ

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Joined: Tue Jan 07, 2020 2:09 pm

Post by SOLAUZ » Tue Jan 07, 2020 2:48 pm
Thank you. I will try and sort something so hopefully I will be able to accept the job
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