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Posted: Thu Jan 17, 2008 5:47 pm
by d_r
Hi I was wondering whether it was worth getting a second job as well as my main job to get some extra cash together? What with steady increases in household bills and the breaking down of the car I use to travel to and from work I have been pondering about findin a part time job. Do i have to declare this and would this mean my payments have to increase on my IVA? Obviously I don't want to have a second job if I don't recieve the money for it.
Posted: Thu Jan 17, 2008 6:35 pm
by pbeck
Yes, you should declare the second job, but probably you would only pay in half of your net take-home pay in to the IVA.
You'll have to decide whether it's still worth going for the job, effectively after tax, NI and IVA payments, you'd only actually get to keep one third of the gross pay from that job.
Philip Beck -
www.freeivaadvice.co.uk
Licensed Insolvency Practitioner and IVA specialist
Posted: Thu Jan 17, 2008 8:09 pm
by Adam Davies
Hi
This is a difficult area.
Some IVAs require you to pay all your extra income into an IVA,SOME 50%.
Your right in saying that there is no incentive if all your extra earnings will be paid into your IVA but 50% of any extra is not too bad.
Check with your IP to see how they would treat it
Regards
Andy Davie
IVA.co.uk Spokesperson and Website Manager
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp