www.iva.co.uk

Hi I'm currently in an iva.
I work full time employed but have just started training to work part time like self employment which works on a commission basis.
how does this work with an iva? I can't let them know what extra I will earn as I won't know until tax year so do I let them know now and then in April when I submit my tax form the calculate an average for the year and put my payments up accordingly? I'm really confused it's like a minefield

Hi Kelly and welcome to the forum.

This is not uncommon and your IP will be able to explain this clearly to you. Usually when you earn any extra money in an IVA you would get to keep anything up to 10% of your normal pay. Anything over that is split 50:50 with the IVA. That way you are incentivised to earn extra money when you can and it is not all taken from you.

If the extra amounts become regular and sizable then your IP will look at this at your annual review and may increase the normal monthly payment into your IVA.

The key thing is that you will only ever pay in what you can afford.

You should of course make sure that you don't spend any of the extra income until you know how your IP will deal with it, otherwise you may be asked to pay sums that you do not still have. Usually you can pay extra amounts as you receive them - your IP will set this up with you.