Another newbie..

TeetersOnHeels

Posted a while ago, feeling an IVA was the way to go (the SOA was skinned to the bone, everything not screwed down was Ebay'd, but still around £300 a month short)..Then an opportunity of extra employment came up, so I registered, got my CRB check back at the begining of March, but am still waiting for the call for my 1st ad-hoc shift (worth about £80). I foolishly thought I'd be able to have 3 or 4 shifts per month and keep my head above water....
So, have done the CCCS Debt Remedy (again) - it still reccommends an IVA, and on my very rough workings out (using Charco's example in another post) I can pay 25p in the pound, with a view to more when my secured loan finishes in 2 and a bit years (will have an extra £275 a month when it ends.)
I plan to open a Basic Account with the Co-Op (have a Yorkshire Bank a/c without an overdraft, but read somewhere they're not keen on IVA's?)
Am wondering about a couple of things...
RBS have just over half of my debt, made up of an overdraft, loan and c.card - how good are they at accepting IVA's?
And do I keep going with the infrequent/occaisional second income? Would I have to/how would I declare it?

To be honest it's frightening the life out of me...and as a single mum, don't have anyone really to chat to about this, so it'd be great to be able to come on here and ask the odd (million) questions.

FavDaughter1

Hi, someone who knows more will reply,just didn't want to leave you hanging. it is frightening- i was scared to death,but you can get help &sort life out for you and your child.

you are doing the right thing getting help. 25p in £ is better than ours was,so that's good;).

the basic bank account is very important,do it ASAP. CO OP let us have a basic bank account,it was quick to set up. you can use the Post Office like a branch of the bank.

your IP will answer all your questions,don't be afraid to ask anything!
Don't go with anyone who wants money up front!!!!

hang on someone else will be along,big hug

FoggyBrain_2

Hello and welcome. Don't know how RBS might vote, but there seem to be very few IVA's being rejected of late. The IP won't run with it unless they feel there is a very good chance.

As for the second job, because it is so unpredictable your IP shouldn't include it in your basic income and will, hopefully treat it in the same way as overtime. You will need to tell them each month what you have earned from the second job and there are two ways it is usually dealt with. The most common these days is for you to be allowed to keep an amount equal to 10% of your usual monthly income, then split the rest 50 / 50 (you pay 50% to the IVA and keep 50%). The other popular method is a straight 50/50 split between you and your IVA. I am afraid you would have to declare it -- but at least you get to keep some.

I would suggest you pop over to https://www.iva.com and have a word with a couple of the companies listed there ( with reviews). That way you can compare advice and go with the one you feel most comfortable with.

Best of luck.