Does the IVA make allowances for professional development courses and assessments?

savingsavy

I am currently on an IVA. I've been looking for a better paying job for a few months now but I've had no luck for a position with better pay.

I've been looking at getting professional qualifications and going down the chartered professional route.

However, I am not sure whether I can do this while on an IVA. Are these expenses I can deduct?

Because, this will make me more employable within the year and get a better paid job which means that I can pay more towards my IVA.

I've only been on the IVA for 1year and I'm due a review this month.

Your help will be gratefully received.

foxy-stoat

Course you can study while in an IVA - you wont be able to take out any more credit or drop your annual salary though.

savingsavy

foxy-stoat wrote: »

Course you can study while in an IVA - you wont be able to take out any more credit or drop your annual salary though.

Does that mean that I can put down the cost of my course as an allowable expense?
I've got my first yearly review coming up.

mwarby

I think you'd have to make a strong case as to why you should take the course (eg because you need it to stay employed, or it will get you a better paid job in course if IVA)

I think the idea you can go on any course and have it as an allowable expense would be wishful thinking, your IP may need to justify changes in what they recover to the creditors.

This is slightly worse than bankruptcy, because if the amount recovered to drops the IVA can fail., The IP needs to keep creditors onside In bankruptcy if ORs actions don't go down well with creditors it's tough luck

mwarby

sorry last reply may have been a bit harsh, what I'm trying to say is
if you go to IP and say

good
I want to do this course costing £1k which within a year will boost my salary by 5-10k (which will mean I can repay more each month)

best
I want to do this course costing £1k my(or a) employer has confirmed that they will offer me a role paying 5-10k upon completion

not so good
I want to do this course costing £1k which might get me a better paid job at some point in future

not good at all
I want to this course costing £1k cos it sounds fun

as you can see some of these proposals are obviously win win, for you the ip and your creditors, where as some are likely to simply lead to less money in the IVA and less return for creditors, try and present yours in the best (but realistic) light you can

Depending on your circumstances, you may want to reconsider if an IVA is till the best option for you

savingsavy

mwarby wrote: »

sorry last reply may have been a bit harsh, what I'm trying to say is
if you go to IP and say

good
I want to do this course costing £1k which within a year will boost my salary by 5-10k (which will mean I can repay more each month)

best
I want to do this course costing £1k my(or a) employer has confirmed that they will offer me a role paying 5-10k upon completion

not so good
I want to do this course costing £1k which might get me a better paid job at some point in future

not good at all
I want to this course costing £1k cos it sounds fun

as you can see some of these proposals are obviously win win, for you the ip and your creditors, where as some are likely to simply lead to less money in the IVA and less return for creditors, try and present yours in the best (but realistic) light you can

Depending on your circumstances, you may want to reconsider if an IVA is till the best option for you

Thank you for your reply. I posted on here as I did not want to go the IP and have them think I'm being ridiculous.

But I did end up speaking to them. They confirmed that a course is not an essential expenditure, as long as my IVA payments don't go down.

I am now going to work on my income and expense and see what's affordable and go from there.