Iva

l3ights

hello ppl, i have completed my application and been accepted for an IVA, it has been 3 months since completed.

I dont know what other ppl think but i feel that doing the IVA hasn't made much difference it has only saved me about £70 p/m off my original dept,

Now i have just borrowed money from my Brother to do a HGV Class 2 intense course which i have just pass, :j

I've gone part time in my original job and i'm working the other days with agency, i rely on this to bump my wages up,

but what do i tell the IVA ppl?

will this affect my situation in a good way or bad?

Also if i work a cpl of days aweek with 1 agency and a cpl of days aweek with another and and keep my part time job, my wages from the other agency go into my girlfriends bank acc, do you think they will find out?

Please help

immoral_angeluk

l3ights

what do you mean ????????

Shineyhappy

I am afraid I cant help you, might it might help others if you say who the IVA is done through.

Immoral Angel bumped your thread so it would get more attention being closer to the top of this message board.

Good luck sorting through things.

wyebird

I don't know about IVAs I'm afraid, but re agency driving, it's often worth trying to negotiate your hourly rate. OH did it for a while and often there were 2 or three agencies with the same shift to fill, and they will up the rate so they get it ( they ususally have lots of surplus to negotiate!). Congrats on passing the test!

james32_uk

The way it works is that after a set period of time (normally 12 months, but could be 6) your IP will reassess your income and outgoings and increase your IVA payment accordingly. Therefore if you increase your income it's very likely your IVA payment will also increase. By how much will depend on your IP and your small print in your documents. This is the big downside to IVAs as if your income suddenly shot up it's actually possible to pay more to your IVA than your original total debt.

If you decide not to tell your IP about the extra income then you are flouting the agreement that you signed. Be aware that it is possible that your IP may demand to see some or all of your bank statements/P60 form as proof of your income.

james32_uk

Danno, why are you spreading information that is untrue? Virtually all IVAs that are signed up will include an agreement to have your income reassessed on a regular basis and your IVA payment reviewed.

I've tried reading your other post (a challenge in itself) and in it you say you've worked in the insolvency industry for 30 years and yet can count the number of IVAs you have set up "on one hand". Why are you giving incorrect advise to people on a subject of which you have such little experience?

danno_4

james
The information that i give out is 100% correct.what i.m trying to get across is that the debt industry is getting on to a new ways into making money.let me repeat myself,IVA'S have been about since the new practises came into force in 1986,for 21 years now people have been able to do IVA'S.HOWEVER 2years ago(because the rate in which people were going bankrupt which overloaded the OR's office)the DTI started a blitz to encourge people to start to use IVA'S instead of bankrupcy.So the debt boys sore a way of jumping on the bandwagon.The proper way to do an IVA is to see an insolvency practioner who applys to the court for an interm order seeking to do an IVA.he then sits down with you to decide what you want to offer your creditors.a meeting is convined where your creditors are invited along(they need not attend,they can vote by proxy which as to be in by 12 noon the day before the meeting)if the offer is axcepted(normaly over 3 years)then thats what you pay over the period of time agread on.IF YOUR CIRCUMSTANCES CHANGE OVER THE PERIOD TIME AGREAD ON IE WAGES INCREASE ECT IT DOES NOT EFFECT THE AGREAMENT THAT YOUR CREDITORS AGREAD ON OK!Downside to do it this way?most IP insit on money up front ie court costs and administation to serve papers.Now debt companys do it totaly different,They as you stated right into the IVA offer what you stated linked to increase in salary etc(because they also take a cut out of any increase)so when you analise things you are no better of than you would be in making your creditors an offer that they would axcept(the debt boys would'nt!!!)Now when you remark about(because i have only done a few in 30years)its because my creditors come to me for good advice(not to make a quick buck)so i try to stay away from them.May i also point out that i have been in business no for over 30years and have never once advertised my services,all comes through referals.May i also add,from time to time when i'm not to overworked i help out at the local CAB helping people with problems.I would not offer advice to any one unless i new what i was talking about.
Kindest Regards
Danno

debtdummy

danno wrote: »

hi
what james says is absolutly rubbish,your creditors have agreed to you offer,it does not increase if you income goes up.tell no one what you earn now mate.
kindest regards
danno

ur iva will go up if u earn more than 3.5% increase, i know cos ive had the letter through

danno_4

debt dummy
thats because the way your IVA was set up,please read my thread properly.
danno

debtdummy

sorry new to all this iva stuff, hides in shame,