Iva

[delta1956]

Hello

I have an IVA jointly with my partner.

 

Due health reasons I got into financial problems.

 

I was medically retired from my job.

 

The only option seemed to get an IVA..

 

THE AMOUNT £330 a month and finding hard been twenty months. .

 

I have now been discharged from hospital and want to start working again.

 

My question is does effect my IVA.

 

IF I GET EMPLOYMENT

 

any advice would be greatly appreciated.

[silverfox1961]

Hi and welcome to CAG.

 

In my opinion, any increase in earnings should be delared however, are you on the right plan? Have you investigated all the other option? (DMP, DRO)

 

Are you using a firm that levies a charge for their services?

[maroondevo52]

You would have a duty to inform your trustee of any change of any increase in your income.

[delta1956]

Hi and welcome to CAG.

 

In my opinion, any increase in earnings should be delared however, are you on the right plan? Have you investigated all the other option? (DMP, DRO)

 

Are you using a firm that levies a charge for their services?

Hello Silverfox

I was advised by the debt management company this was what we needed. IVA.i haven't heard of DMP OR DRO..I am aware if my earning change to notify them. I am on a private pension and disability allowance. But every month we have to use a credit card to tie us over. If I can return to work earnings will not be a huge amount.I Have been in I a sixteen months..another three and half years to go..

Edited April 17, 2015 by slick132

[silverfox1961]

As you are on a limited budget, I would have thought a DMP

 

https://www.nationaldebtline.org/EW/factsheets/Pages/29%20EW%20Debt-management%20plans%20%28DMPs%29/Default.aspx#

 

may have been a better choice. Obviously I have no idea what your income is or whether you are a homeowner or whether the income and debts you have is sufficient to qualify.

 

Then there is the DRO

 

https://www.nationaldebtline.org/EW/factsheets/Pages/37%20EW%20Debt%20relief%20orders%20%28DROs%29/Default.aspx

 

This is an excellent plan if you fir the criteria.

 

You don't say whether the Debt management company are charging you a fee. If so, it may be worth your starting again with the free help that is out there. You want all your 'spare' money going to the right places.

 

This is the link for National Debtline

 

https://www.nationaldebtline.org/EW/Pages/default.aspx