No problem with earning more meaning an increase in dividend but no one would work longer to pay more than they are required to in an IVA,you have to get something for the effort you are putting in.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
MelanieGiles wrote:
David - are you going to be dealing with my equity release query at the next committee meeting? Still waiting for a reply from you.
Yes I will be Melanie and I have responded to your email about an hour or so ago.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I have a second job, it is 8 hours on Saturdays (05.30 - 13.30) this was declared at my IVA proposal and taken into account, if I were to lose this second job (Royal Mail are having a re structure in the North West)would I have to do a new I & E as I would lose just over £200 per month?
Cheers
If your income drops for whatever reason and the payments are no longer affordable you would have to have the proposal varied and the payments reduced.
As to second jobs in general some clients take one to make the IVA affordable and the income is taken into account at the outset. Others take a second during the IVA to make an extra bit of cash and only 50% after costs is taken for the IVA. This is perfectly reasonable although I personally do not like an IVA being reliant on someone doing two jobs for 5 years. However, some clients with second jobs particularly in the hospitality business say it is a social thing as well as extra money.
I am considering doing some tutoring for some extra cash. At annual review I assume they will take it all off me rather than 50% and in that case I shall stop doing it.
I think that you ought to clear that with your IP before you do the work. It will be soul destroying to work extra hours during your precious leisure time, to find that all of the money is grabbed for creditors.
