Author Topic: Non contract job and IVA  (Read 2007 times)

ade

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Non contract job and IVA
« on: Aug 31, 2009, 10:46:18 AM »
Hi

Main question is whether it is possible to do an IVA while working as a supply teacher without a fixed monthly income or contract. In a lot of unsecured debt - £70k - from previous years supply teaching disposable income works out +£400 a month. Currently living with girlfriend who owns the house and I pay rent. Since opening my eyes to debt situation which basically arose from a gambling problem and health issues and finding credit very easy to get from lates 90's to around 2005 I initially got in touch with a debt company called spectrum which was an error as they charged over £2k to fail in setting up an IVA in 2006 and then paid into a DMP with them for around 12 months before contacting CCCS who organised a DMP while i was on a 1 year teaching contract then advised me that they couldnt continue with it when my work went back to working for teaching agencies on a supply basis. While looking for full time teaching work I would be very surprised if my income from supply went below £1250 a month after tax but it could in theory dry up if no full time staff are ill etc. Paying off creditors directly per month currently which is a headache dealing with around 8 creditors ( debt companies and credit cards) - just had to cancel a bunch of direct debits with no income till new term starts. Main stress is fear of debt collectors calling at the house which has happened once over a year ago and caused a lot of hassle with my girlfriend and I would think may be game over for me and her if it happened again - she is aware of my debt problems but not the amount which im sure would shock her! Paying off around £400 a month is clearly going to take over 10 years hence my query about trying an IVA again with a predicted income based on previous supply years. Have considered bankruptcy but concerned about the stigma/future issues and impact on partner and family.


Any advice appreciated. Thanks

Debtwitch

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Re: Non contract job and IVA
« Reply #1 on: Sep 07, 2009, 11:00:39 AM »
Hi Ade

Check out some of the other posts and forums about people's experience about bankruptcy - they may deal with the fears you have mentioned here.


It may be possible to propose an IVA without having permanent employment, especially if you can offer evidence of a previous work pattern to help work in periods where you are expecting not to receive an income to factor this in.

You need to speak to one or 2 companies who specialise in giving debt advice so that they can discuss your options. 

Kind regards,



Angela Rosler
Insolvency Manager  e: [email protected]

bankruptcy.co.uk

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Re: Non contract job and IVA
« Reply #2 on: Oct 05, 2009, 11:45:54 AM »
If you enter an IVA without having a permanent contract of work,  in my humble opinion as a debt proffesional, are contemplating dressing in a lemming uniform and wandering near a very large cliff.  Do not do it. You are fully at the mercy of the IVA company throughout the entire contract as ....

"If you fail on 3 consecutive payments the IVA company are allowed to terminate your agreement".

At this point you would revert back to your original debt... Lovely
Raphael Gilbert
Head of Insolvency Divison www.ban