www.iva.co.uk

I have an interview for a new job. The basic salary is what i earn now, there is a car included which obviously has tax implications.However there is a phenomanal amount of overtime available which means that if I were successful I should be able to work like mad which I am prepared to do and be close to debt free in 2 to 3 years.

What I am concerned about is that if it all went wrong and I had to enter an IVA would I have to pay 50% of all overtime I earned?

Thanks

Mike

Roughly, yes. Most modern proposals will allow a disregard of the equivalent of 10% of base salary, then the rest is split 50/50.

You might be better with a DMP because you can earn as much as you want and you are in control of your own money. What some companies will do during your DMP if you can get blocks of money is make offers to your creditors to pay off some of your debts one at a time, then share out the monthly money with the others if this makes sense. I think a DMP set using your basic wage so you are not reliant on your overtime would be a good idea and then as i say, if you can earn all this extra money you can pay off your debts earlier but at least the DMP is there as a safety net and so that you are not being chased by anyone.

Surely you would want to use the overtime earned to clear your debts as soon as possible Mike? If you can repay the debts within 2-3 years, I personally would not think that an IVA ought to be necessary - of course you have to get the job first!

Thanks for the quick replies and great advice, I will have to look into the DMP route. Can anyone recommend any good companies to use.

Thanks

Mike

Andy Davie who works for Vincent Bond comes highly recommended.

What about stepchange they say it is fee free so everything goes to creditors?

There are fors and against everything Mike, worth ringing around to 2 or 3 providers and getting a feel for what you want. There is always debate around fee paying or non-fee DMP's.

Stepchange are free to you for DMP's -- they are funded by the creditors themselves, so still get some of the money, just not directly.

Good luck with your interview!! Fletch