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Posted: Tue Apr 17, 2012 7:33 pm
by sean
I have been in a IVA since last July. Would a job with a higher salary mean I could pay off my IVA much quicker ?
Posted: Tue Apr 17, 2012 7:39 pm
by kallis3
Hi Sean.
If you get a better job then obviously your payments to your IVA will be more but, unless you can pay off your total debts in full plus fees during that time, you're iva won't finish any sooner.
It may just mean that your creditors get a better dividend.
Posted: Tue Apr 17, 2012 7:49 pm
by Adam Davies
Hi
Your creditors will just get more of their money back and write off less at the end of the IVA.
Regards
Posted: Tue Apr 17, 2012 8:07 pm
by Broke of London
Don't let the iva put you off taking a job with a higher salary just because you won't feel the full benefit of the increase in your salary. At the end of the iva, your career will have progressed in the direction you want and you will reap the rewards!!!
Posted: Wed Apr 18, 2012 12:59 am
by MelanieGiles
With a higher salary, all is not lost to creditors! You will recalculated your disposable income using the new salary, and then your IVA payments will increase by one-half of that new sum - thus allowing you to retain your 50% share. It may not be a lot but it all helps.
This assumes that your IVA has been presented in line with the IVA protocol. Best to check this out by having a read through your own documents or checking with your IP directly.