www.iva.co.uk

Hi guys,

I have recently commenced my IVA and am finding the getting by a bit tough.

I have looked into the possibility of doing some additional sales work in my spare time which would be purely commission based and it would be a matter of the more work I wanted to do in my spare time the more I could potentially earn. The idea would be to both increase my income and also increase my payments on the IVA with a view to maybe paying it off earlier.

What I am unsure of is to what extent I would be allowed to keep any additional earnigs over and above my salary. Obviously I would have to increase my IVA payments, but it is after all additional work and if it would not be beneficial to me financially then it would not be worth the extra hours and time away from my family. It is in the best interests of my creditors also if I can increase payments.

I enquired with my supervisor about what portion of this commision I could keep and if it would be possible to pre-arrange a percentage with my creditors before I would actually embark upon this route only to find I had to repay all my additional earnings. She seemed very neg about this possibility and said I would have to wait til end of year and submit my details as usual and a desicion would be made then. However she was of the opinion that my creditors would chase all this money, therefore making the whole exercise, and my desire to repay more money to my creditors and improve my standard of living pointless.

Can anybody help me out on this one? if so I would be most grateful!

hi it will say in your report about extra income mine has a clause of 50% or a bonus payment anything more than £500 would have to be halved.i would stress to the ip that it isnt regular so as your not tied to that amount every month as payments can vary.have you just completed your annual review? for the ip to be negative when you are actually wanting to pay more is mind boggling[:0]

Cheers! Yeah, I know, she more or less told me don't bother as they will just want any extra I earn. I haven't yet received my first review and she seemed to think they will treat it all as one income. I do currently have to pay 50% of anything over and above my income but my super said that was only for overtime and bonus. My hope is that because there is no guaranteed amount here that I will at least get away with paying that 50% of this additional income.

I'm currently trying to get hold of the IP again to try and clear the matter up but it seems that now they have me signed up they couldn't be bothered with the hassle.

What do the review clauses of your proposal actually say?