Am currently looking at changing job and have a second interview soon.
As part of the package they are offering a car allowance but not sure how this impacts on the IVA and will the IVA just take all this money.
Where can I find a car and how expensive does it get.
I wouold expect that if having an allowence for your car in relation to work this will free up money you previously spent on travel etc therefore any extra monies would be payable into the IVA also
Arty
IVA completion and certificate received 08/10/2012!!!
The car allowance will be seen as additional income, but you need to make sure that your overall expenditure is also accounted for. Normally car allowances are paid because there is an expectation that you will be travelling as part of your daily job, this impacts wear and tear on your car, service costs and may even impact your insurance cost. Make sure you have accounted for all these variables in your I & E as well as the uplift in salary so that an accurate figure is calculated as additional available money for your agreement.
If you are asking about a car sounds like you are going to have to use the allowance to fund one therefore there will be no or little additional income anyway? There are car finance companies that will finance a car whilst in an IVA. If you had a co. car before, make sure any necessary changes are made to your tax code.
Good luck with the second interview
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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