Ive been in an IVA for about 6months now. Im thinking of getting a second job on the weekends so that I am able to get out abit more as I dont have alot of spending money. I know that 2nd jobs need to be declared and 50% will be taken for the IVA. My question is If I open a pre-pay mastercard ac and get my wages paid onto it and dont declare it to my IVA company is there any other way it will be found out and could i get into trouble if so.
Your IP may not find out about the job, but you have a duty to declare all earned income at each annual review - so could you live with your conscience?
I really admire you for taking another job, as this secures the positin for creditors ensuring that your payments are always likely to be covered, but not at the expense of dishonesty. An IVA is built on trust between clients and IP - and I would never recommend that anyone do anything to abuse that trust.
I agree with Melanie that you must disclose the income otherwise you would always be looking over your shoulder. Even if you do there is no guarantee that your IP will take a lot of the extra income as you will no doubt incur extra expenditure such as travel, meals at work etc.
If you are struggling you could review your income and expenditure and if the new job is making up a shortfall in income from your main employment there would be no increase at all. Be up front with your IP and at least you can take a second job and enjoy not only the extra money but the social aspect too.
Even if part of your extra income does go into the iva pot,you still get more to spend on yourself. Its like not working overtime because you pay extra tax,you still end up with more in your pocket.
Declare your extra earnings is the best advice,or live with the fact that if found out your iva could fail and then where do you stand??
Opening up a pre paid card for the extra to go into is a great idea though as it will mean you can actually see your earnings!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
And if you were tempted not to tell your IP about this job there could be serious consequences if they did discover it some other way. Are you sure that your IP will not be requesting your P60 at annual review time as well as payslips from your "regular" job?
I agree that this job should be declared to your IP. If you can pay more back to your creditors and still have some extra for yourself then that would be great.
I agree with COYS as well - if you have to send your P60 in, it will show up on there so your IP would find out anyway.
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
