couple of quick questions regarding IVA's please

matthew_s

ok, say i sign up for an iva, im on reduced hours at the moment thats why im in this mess, so if i go upto full hours again are they going to take all my extra or normal wage off me ?

what about if i do a couple of shifts overtime if i want to save up for something, would this be taken off me too ?

and finally CCCS recomended a IVA but payplan gave me that option before them, so who do you guys recomend to do one with ? i know whichever one i choose i will still have to pay the IP yes ?

Thanks guys..........Matt

matthew_s

upski please

RAS

Hi

if you have signed up for an IVA what is the reason you are unsure whether to speak to CCCS or Payplan?

And since they both work to slightly different budgets and the creditors have to agree this, you need to speak to both IVA suppliers to talk throught the situations in detail with them.

danielanthony

From what I've read on these boards, IP's can take 50% of any overtime away as it is extra income.

MIVAA

Normally you would be assessed on a flat month, and if that was sufficient to cover the minimum contribution to an IVA that's what the IP would put as your income, and it would be assumed that the overtime was not guaranteed. However, if you then took advantage of any overtime, you would be required to pass 50 % of the extra to your IVA.

This may seem unreasonable to some people, but don't forget, your IVA contributions are calculated on affordability, and therefore if you can afford to repay more you will be expected to.

Your creditors see that taking 100% of any overtime from you would leave you with little incentive to do the extra work, so they'll just take half from you, but this is really the only way you'll be able to save any money within an IVA I'm afraid.

Both CCCS and Payplan are more than capable of setting up an IVA for you, swings and roundabouts etc, so I would suggest you stay with the company that you felt most comfortable with, but make sure you've explored all your options and asked all your questions before you commit.

Good luck

MIVAA