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Posted: Sat Feb 03, 2007 7:04 pm
by natalie.b
What would happen if throughout an IVA I decided to go fulltime employed instead of part time. This would obviously be a salary increase. Would the cost of childcare be taken incount?
Posted: Sat Feb 03, 2007 9:55 pm
by neverending
Hi
Yes all costs can be off set against yout salary increase,however the full amount left over will have to be paid into your IVA,in most cases.
Regards
Posted: Sun Feb 04, 2007 3:02 pm
by natalie.b
Thanks neverending, I suppose there is no real incentive to look for full time employment then!
Posted: Sun Feb 04, 2007 7:34 pm
by neverending
Yes this is an area of the IVA procedure that does not make sense.My wife has not worked since our IVA and will not until it is concluded for this reason.Yes if we were interested in paying back our creditors as much as is physically possible then yes she would work and hand it over to them but I,m afraid that we do not feel like that and do not apologise for it !!!
Posted: Sun Feb 04, 2007 8:14 pm
by Skippy
I don't feel any inclination to get a better paid job. I think a better way would be 50% of any salary increase goes into the IVA, not the full amount. Very occasionally we have to work weekends, and can either have overtime or holiday. I've always had the money in the past, but if the opportunity comes up in the next 5 years I know what I'll be taking!
Four down, fifty six to go until freedom!
Posted: Sun Feb 04, 2007 8:36 pm
by neverending
I agree.A salary increase ,after an IVA has been agreed ,should be the same as any overtime i;e 50% to the creditors and the rest to you.This really is a strange one.....
Posted: Tue Feb 06, 2007 5:02 pm
by Oliver
One incentive to getting a better paid job would be that after your IVA has finished you will reap the benefit of the extra monies rather than having to search for a better job or higher position at the time your IVA finishes.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Tue Feb 06, 2007 10:24 pm
by neverending
Its a hard one to stomach Oliver,extra resposibilities and maybe hours for zero pence.
Posted: Wed Feb 07, 2007 11:46 am
by Skippy
I'm with Neverending on this one - I'm not going to take on more responsibility and stress and never see a penny of the extra money!
Four down, fifty six to go until freedom!
Posted: Wed Feb 07, 2007 12:01 pm
by Oliver
I do understand your point Neverending. I agree that pay increases / promotions / new employment should carry with them some sort of incentive.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp