Hey all! This is my first post here so just getting used to using the site. So basically I’m in a Iva. I’m only 22. I have already paid into my first year and have 4 years left to pay. Happy days! I know it’s a shame being so young and being in a Iva. But I made a lot of mistakes. And not having the financial credit advantage at my age as really taught me a life lesson. And as strange as it may sound. I am pretty thankful I ended up in a IVA because of the life lesson as I say and how much you need to value your own money you earn. Anyways let me not rant on. Basically what it is is I’m currently a tiling apprentice. I will completing my course in May-June time this year. And I will be registering self employed. But I will still be working for the company I work for now just as a sub contractor. And also my money will change. For example i earn £265 now take home after tax weekly. I have my bills and car insurance etc come out of what all that equals monthly. My Iva payments are £84 a month. When I turn self employed I will get paid a meterage rate. So what ever meterage I can do I get paid for. So my wages will be kind of up and down. I won’t be fastest at my job. But I’ve worked it out I believe I will be able to earn around 300-400 weekly. But when it comes to the time going self employed, do I have to tell my firm I have my Iva with? And what about my wages beens as it’s self employment. Will they keep the payments the same due to earning different wages each week? I hope somebody could help me with this. Hope you all have a nice day. Hope you hear something back
Hi and welcome. How your provider handles it depends on who you are with -- some are more "self-employed savvy" that others ! They are, of course, going to have to make an allowance for tax and NIC deductions and not base the payment on total earnt ---- you, for your part, are going to have to have the discipline to put this aside or pay on account.
First your IP is going to have to establish a base line figure, over which extra income is paid into the IVA monthly. I imagine they will, at least initially, work on quarterly averages.
You will need to keep your IP in the loop as much as possible, so that you can avoid any nasty surprises (for the both of you).
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