New Job in Iva question please

[aragorn]

Hi Everyone,
I was made redundant,quickly took a job £6,000 a year less a month later have been offered a job that is only £3,000 less per year.We are in iva and in the process of a variation.


My question is my car is really old in three months time i will have the choice of either £4,000pa or company car. Without the car he could not really get along as job requires a bit of driving and his quite a distance from home.
Would he be forced to accept money instead of car?

Also there is a pay related performance each year, our current proposal says that we are required to 50% of bonuses into our iva.Now we are going through a variation could this be overturned so we be required to pay 100% into our iva?

Thanks in advance.I will ask IP but would appreciate advice also.

[MelanieGiles]

I would definately tell him to go for the car option - probably fully insured and maintained, and someone else's worry to keep on the road.

The 50% requirement on uplifts ought to remain the same post-variation.

[aragorn]

Thankyou. I cannot believe that we have had this bit of good fortune. Not having to worry about car repairs is a great bonus, also being able to look foward 50% of a bonus each year will mean maybe a small holiday- the next four years should fly by.

[Soulgrowth]

Being self-employed I've gone for the option of a lease car for a few years now. As Melanie says the lack of 'ownership' of the thing is a great weight off my mind ... if something goes wrong then it's someone elses problem. I don't mind paying a little over the odds for this kind of security and always having a new and relaible car to hand.

Great news aragorn ... we all deserve a bit of luck.

Debbie