worried I have broken the terms of my IVA

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Alex.ty

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Post by Alex.ty » Mon Jul 26, 2010 1:36 pm
Hello, I've been an IVA for 3 months now and everything is going well which is such a relief. I pay my IVA people £260 a months as my debts were nearly £25,000. My salary at the time was £22,221.00 but in order to give mysef a bit more financial stability I took on a Saturday job which pays me between £123 & 168 a month. I am worried that I have broken the terms of my IVA or what I need to do etc in regards to declaring this extra income and if it will increase the amount I need to pay each month?? I know its not a lot of extra money but it helps greatly?? Any advice
 
 

Michael Peoples

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Post by Michael Peoples » Mon Jul 26, 2010 1:42 pm
Hi Alex and welcome to the Forum.
Taking a second job is not a breach and in fact many clients do so for the social aspect as well as the extra cash.

Speak to your IP and advise them of any extra expenses you incur as a result of the new job. They will be able to help you taking into account the terms and conditions of your case and at worst you may have to pay extra into the IVA.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Tue Jul 27, 2010 1:36 am
It is very likely that you will need to pay some of this money into your IVA - but if you have the 10% threshold, hopefully this can be kept to the minimum and you can put some of it into savings for a rainy day.
Regards, Melanie Giles, Insolvency Practitioner
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