I have just entered an IVA and the more I read about it the more stressed and upset I am getting, me and my boyfriend are wanting to move out and now I am worried I won’t be able to rent a property... also, if I do any over time like just one shift do I need to tell my IP for the extra £80 I would be getting?
Renting can be more difficult because of the credit check, but not impossible. Regarding overtime: the usual clause says that you can earn 10% above your usual salary, which you can keep, then you split the rest 50 / 50 with the IVA ---- we call this 'the 10% 50/50 rule'. Sometimes it is amended to a straight 50/50 split, without the 10% disregard.
So -- If your monthly take home is, say, £1500, and OT is £200 you get to keep up to £150, then split the remaining £50 with the IVA, so another £25 in your pocket and £25 to the IVA. If it was £80 OT it would be all yours.
IPs do treat this clause slightly differently, with most working on monthly figures and some working on annual totals, so it is a good idea to ask your own IP what they want, so you can be ready for it.
An IVA is pretty daunting at the start, but you will soon settle into it.
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