IVA Questions - NEW job and Professional concerns

[jonnyboyo]

Hi Guys

I have recently started the process of getting an IVA. My case is with my I.P. Practicer Wilson Phillips based in Blackburn. My proposal payment amount and budget is okay and manageable as it stands. However I have 2 major worries about the IVA,

1. I am currently looking for a new job and hopefully a salary increase. My expenses will increase but not by much so do I have to pay all the remaining into the IVA - I have yet to get my document so I don't know the terms.

2. I am also a member of CIMA and am wondering if it is compulsory to let them know I am in an IVA and how this would affect my career.

I am asking here so I can speak to my IP with an better idea of what I am on about.

I might not be able to post till later on so thanks in advance to anyone who replies.

[MelanieGiles]

If your circumstances change during an IVA, and you have a higher disposbable income, then you will be required to pay more money over into the IVA.

You will need to check with CIMA byelaws to see if you have to advise them of an IVA. I suspect not - but a quick anonymous call to them would set your mind at rest.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[R1chard]

im with Wilson Phillips and they have been fantastic.

your with a good IP there.










57 PAYMENTS TO GO..

[jonnyboyo]

Thanks for the replies and the reassurance about the practise

My main issue is the new job

I should be earning around £2-4k more than I am for my qualification level currently according to all the salary surveys etc and possibly more if my exam results are good in Jan. However if I have to give up an unfair % of the extra then I Believe my quality of life would be better staying put as I get good flexi and holiday entitlements in my current role and generally it is a good place to work.

I have no issue with increasing my payments by anything up to 75% of the difference in salary so I'm not trying to short change the creditors but my IP did say that any increase in disposal income should be assigned to the creditor 100% but if I was paid in a bonus then only 50% would be eligible so I fail to see what incentive I have to go for a better job (long term I know this would be better) and salary unless I get paid in bonuses?

AS for theCIMA question there bylaws say I do have to inform them in writing but i say this does not stop me practising - so is that just an adminstrative thing or will it affect my status ? - It will be at least 3 years till I am fully qualified anyway

[Adam Davies]

Hi
The 100% of payrises less costs does cause alot of debate on this forum and I can see that you have no real incentive to better yourself.
However why put your career on hold ?
You can take some satisfaction from the fact that you will be paying back more to your creditors
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jonnyboyo]

Hi Andy

I totally agree with those comments, are there any moves to change the legislation or rules governing this area.

As in my case I have no real monetary incentive to change employers

[Adam Davies]

Hi
Afraid not,the best that you can do is to make sure that your expenditure allowance is reasonable,so once you are in an IVA and you get a payrise ask for a fresh income and expenditure form.You should be able to increase your expenses legitimately and cover some of the payrise
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ray_a]

I think the ICMA will be more lenient with you than the other accountancy bodies because ICMA ia an industrial commercial accountancy qualification which does not deal with the general public. You are not dealing with client's monies! I think you are most probably in a stronger position!

[MelanieGiles]

The desire to pay creditors as much as you can afford for the duration of the IVA is a key driver when I am assessing someone's suitability as a client. I accept the incentive argument, but when you borrow money from creditors they expect to see it repaid, and if that means that you offer all of your increased earnings then so be it.

The real incentive is to look forward to the end of the IVA, and not take a 5 year "career holiday" which may be difficult to replace.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jonnyboyo]

Thanks for you comments guy my post was more a rant to get it off my chest as I do think it the wages issue is totally unfair