www.iva.co.uk

Hi what is the norm about second jobs in an iva do they take all the income if its spare cash so to speak? or would it be on a par with overtime? it would seem a little unfair if I was working a full time job and another and all the money was used for the iva. Thanks for any help.

I have a second job,(i am there as i type!).
The income was included in my IVA.

i was wondering the same - if my iva hopefully gets approved and i was to get a second job would i pay 50 per cent after the 10 per cent clause to my iva - does that make sense? could someone please advise?

thanks


baeb[:)]

I am not an expert(at anything), but i would suggest you would need to declare that as a pay rise.
I already had 2 jobs prior to IVA, so it was all lumped together.

hi - so do you think if thats the case it would all have to be paid over after the 10 per cent

you poor thing having 3 jobs - its a wonder you are not dead on your feet - the things we have to do - hey

barb x

If you get a second job it will be treated as additional income, and the 10% rule will apply before the 50% split. There has to be some incentive for someone who is willing to give up their leisure time to earn more money>

Can I be nosey and ask what you do in your two jobs OT?

Hi
This is an area that there is no difinitive answer.It will depend on how your chairmans report reads and how your IP interprets it.
Common sense prevail and allow you to keep 50% of any second income taken after the start of the IVA
Regards

But surely they would also have to take into account any extra expenditure people have then fair enough what ever is left put to the IVA !

I guess that what keeping the 10% is all about.

As you know Mel not everyone has this 10% rule like myself, mine is a straight 50%, but as i have said in other debates this must surely come after extra expenditure.

Hi
I agree
Regards

i know i am being thick but

just say my take home pay is £1200 per month and i have to pay 50 per cent of anything above 10 per cent of that over,, then for instance i got a second job at £200 oer month, then would i pay 50 per cent over the ten per cent rule of the 1400 pounds being the 2 salaries added together or?

god it is complicated to me

thanks

forum twin

Barbara

It would be worked out on your income alone - so you keep the first 10% therefore £120 and then the remaining £80 becomes subject to the 50% uplift rule.

thanks melanie

thats clear now - was just wonderin as at some point if all goes well i may look at getting a few hours extra work to may be help our daughters through their education

thanks again

barb x

This is one of the (few) negative things about an IVA, that during the time you are tied into it you cannot 'improve' on your way of living because, rightly so, all income will be used to go into the IVA. Thus for five or so years, however hard you try to improve your situation by taking on extra work, promotion, change of circumstances (i.e joint income through a new relationship developing ... which is one of the reasons I have avoided relationships as I didn't want to burden someone else with the consequences of my debt) you are 'locked' into the finacial status quo. I wonder whether this is some of the reason for some IVAs failing because people just do not realise what a ball around the ankle an IVA can be ... although much better than the debt of course ... but not always the best option in all cases over BR giving that clean break and the opportunity to improve on one's life.

Debbie