Me and my husband were accepted on an IVA

[rainbowhills]

Me and my husband were accepted on an IVA four months ago now.I am out of work ,but he works full time. I do get a small amount for cleaning which has been incorporated into the IVA. In the IVA agreement it states that I must look for work which I am doing. My question is, if I do find work ,how much will the IVA people take of my earnings. Is it actually worth me getting a job.Don't get me wrong I do want to work, but if all the money went into the IVA, I just thing it is a lot of effort with little gain.
I know you can't give me any concrete advice on my question as it is all hyperthetical, but can you just give me a guide as to what normally happens in similar circumstances. You must be dealing with this all the time.
Thankyou in advance

[liamjames]

Hi rainbowhills and welcome,

What does it say in your agreement? If there is no mention of how much or how little will be introduced into your IVA, then look under the section which deals with normal increases to income. If you're in any doubt then discuss it with your IP.

You're right - taking all of your income doesn't encourage you to look for a job. For that reason I wouldn't be surprised if the creditors allowed you to treat this as a normal increase in income, and only took 50% of the additional monies (or however this is stated in your individual proposal).

Without your paperwork it's purely hypothetical though- your IP will be able to give you a better answer.

[Broke of London]

Surely repaying your debt is the only encouragement you need to look for work? I suspect most of us would rather not, but with financial commitments to pay I for one have little choice.

[rainbowhills]

Hi rainbowhills and welcome,

What does it say in your agreement? If there is no mention of how much or how little will be introduced into your IVA, then look under the section which deals with normal increases to income. If you're in any doubt then discuss it with your IP.

You're right - taking all of your income doesn't encourage you to look for a job. For that reason I wouldn't be surprised if the creditors allowed you to treat this as a normal increase in income, and only took 50% of the additional monies (or however this is stated in your individual proposal).

Without your paperwork it's purely hypothetical though- your IP will be able to give you a better answer.

Thanks for that
Have just looked at my paperwork,it say's
Modifications
The debtors partner must seek full time employment.Which is expected to be 35 hours per week.Any surplus income must be paid into the arrangement for the benefit of unsecure non preferential creditors.Failure to comply with this mod will constitute a breach of the arrangment
What do you reckon then?

[rainbowhills]

Surely repaying your debt is the only encouragement you need to look for work? I suspect most of us would rather not, but with financial commitments to pay I for one have little choice.

I have been looking for work since I was made redundant, but there is not much about you know.

[Broke of London]

I understand you are looking, but your comments about whether it's worth your while to get a job and "a lot of effort for little gain" is a slap in the face to all the people who do work to pay their debts and those who would like the chance to work to pay their debts. You took from the creditors now it's their turn to take back...you can't begrudge the creditors their right to your income.

As I always say, being in an IVA is like being endentured labour; I work for the creditors and they give me pocket money.

[rainbowhills]

I think it means.
That I have to find work of 35 hours then I can keep 10 % of our income , then put 50 % of what is left towards our IVA.
My question now then is if I could only get a part time job,which would be possible if i did cleaning etc.Would this be a breach for not doing 35 hours?

[Michael Peoples]

That modification seems harsh as it does not give an incentive to find any work. It says that you are to 'seek' full time employment which basically means nothing as who can monitor that?

You should find out from your IP what you are actually allowed and this would help you. For example, the CCCS guidelines for meals at work are the same for a single person as for a couple which is frankly ridiculous so you and your husband will have to share his sandwich if you do find a job! Hopefully your IP will take a reasoned view when and if you do find work so there is a benefit to you and your creditors. I would however clarify this first.

[rainbowhills]

I understand you are looking, but your comments about whether it's worth your while to get a job and "a lot of effort for little gain" is a slap in the face to all the people who do work to pay their debts and those who would like the chance to work to pay their debts. You took from the creditors now it's their turn to take back...you can't begrudge the creditors their right to your income.

As I always say, being in an IVA is like being endentured labour; I work for the creditors and they give me pocket money.

You don't know me so please don't judge me. We are paying our debts off, the same as you are.
I worked hard, I always work hard.
I am just trying to get my head around all of this

[Broke of London]

I'm not judging you. I just don't understand the thinking behind not working when that means asking your creditors to write off more than they would otherwise have to.

[rainbowhills]

Broke of London.
IWe are in debt, you are in debt.
We are paying off our debt, and it is hurting us (does that make you feel better)
You are paying off your debt
There is no need for your holier than thou attitude, we are all paying out what we can afford
We all have our reasons why we got into the financial mess we got into .Ours was, when I was made redundant.We won't be the first and we won't be the last
I am just trying to work out what is the best way forward for us as a family.
Your argument makes no sense, but if I was you I would work every hour god gives you to pay off your debt, it will make you feel so much happier.

[cindy.me]

Well said, Rainbowhills.
That comment was unnecessary and unhelpful.

[Broke of London]

Sorry you feel like that. I do work long hours...about 14 a day and do feel good about it. I am in the same position as you and my debts hurt too and right now are placing my relationship in jeopardy so I know exactly how hard an iva is. I guess we all walk a different path.

[howard07]

Things change, and agreements vary, But this is how it worked for me.

In year 1 my wife got a job which was better paid than her previous job, my more than 100%. We informed Haines Watts (now RSM Tenon), and they said thanks, we will review your position in due course, i also received a decent pay increase. At review they increased our contribution by 50% of the recalculated disposable income, this sent our contribution up from about £400 to £600. I was more than happy, and year on year they did the same, until in year 5 we were contributing £1000 per month. I actually found that because i was lucky and had a well paid job my IVA got easier year on year, because i was allowed to keep half of the increase. On top of that the interest rate fell through the floor, and so did my mortgage payment, so this also benefited me as i got to keep half of the decreased payments, the rest went into the IVA. I didnt have to contact my IP unless i had a problem, which luckily i never had, or i got more than £500 in windfalls, which until i got made redundant i never did. I declared the full amount of redundancy to my IP, and made a full and final offer which equated to 10% of the windfall, plus my remaining payment. This was accepted. To be fair to my creditors, they could probably have pushed me for more, but the way my IVA was conducted was exemplary (not my words) i paid as much back as was possible, i was honest throughout from start to finish, i felt (and still do) duty bound to pay back as much as i possibly could. It is this sort of thing you need to keep in mind, because if you are fair and honest, do as much as you can, and stay true to the deal, then in time to come you may want to settle early, and if you have gone the extra mile it will be looked upon favourably. I know our creditors want as much back as they can get, and lets be fair if you or I are owed money we would also want it back. Our creditors are human just like us, and they have a job to do, but they have no wish to crucify us when we have our problems. So if you play your part and make the effort one day it may well be rewarded just like it was for me.

If i ever find myself in a position where i have enough money, i would search out my former creditors and pay back every penny I ever owed even though it has now been written off. I call it pride.

Cheers.........Howard

[rainbowhills]

Hello, thanks for that.You have done really well, you should be proud of yourself
Can I just say that when my husband gets overtime then we do and have paid that extra into our IVA
I have no problem with this and think it is fair and right.