www.iva.co.uk

Hi all,

I'm very close to getting a new job, which will be a similar salary to what I already get, but an opportunity to earn quarterly & annual bonus.

A few questions, if anyone can kindly advise:

The new job will require me to purchase some decent clothing and renew my passport. I'd expect a payment break could help with this.

I will be required to pay for fuel and other costs myself and claim back as expenses. In my current position I have a company credit card, but with this new job, no company credit card is available. I'd expect the expenses to be £300-£500 per month. I have read recently that someone as been fortunate enough to obtain a vanquis card and wondered if anyone else had managed to get permission? I have no other way of funding this.

With the bonus structure, if I get the bonus quarterly, can it be divided by 3 to equate to the 3 months it covers?

I have been talking with someone who I currently work with and she as indicated that my current company may offer me a loan to clear my IVA, payable by way of an increase in salary, over the short term? Would this be acceptable?

Hmmm? lots to think about.... Sorry for the long post

Hi Loads a Debt - good news on the new job- fingers crossed.

I would speak to your IP about getting a payment break to allow you to build up the funds to cover the extra expense in advance. You could then put it on a prepaid credit card to manage the payments.

With regards to the bonus - it is calculated in the month you receive it rather than the amount being spread out. It works out better is a bonus is paid monthly.

Good luck in waiting to hear about the job

Hi Tina,

Thanks for the quick reply.

Unfortunately my IVA payment is only £125 a month. With a suit, a couple of shirts and a pair of shoes, plus renewing my passport, I'd need 3/4 months to fund those, without building up enough to cover the first months expenses? I'm happy to see if I can get some of the clothing from charity shops, but the new job will require me to look smart.

Feeling a bit worried that I may not be able to take this new role due to the IVA restraints and it would make life much easier than my current job