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Elliot145
Just Joined

1 Posts

Posted - 23 Jun 2020 :  11:53:01  Show Profile  Reply with Quote
Hiya,

So I am in an IVA - I have been in it for just over a year now, although I fully anticipate clearing my debts before the end of this time though hard work!

I have a full time job, which brings in just about enough to the household alongside my partners income. I have just recently found out we are expecting our first baby (VERY unexpected). I am already paying the minimum amount possible on my IVA as I was made redundant a month after starting my IVA and my new job meant 8k per year pay cut, which obviously has not helped things, but I am thankful to have a job nonetheless!

In my spare time I enjoy making jewellery and painting, and in the last few months have had interest in this and have sold quite a bit of stock/pieces and managed to pay extra into my IVA, I have explained this to my provider as well. It's not a fixed income, just extra cash.

I can kind of see an opportunity here to make some extra income, to help clear debts a bit quicker and enable us to have our financial freedom sooner that anticipated, which would be wonderful. What I want to know is, if I am to do something more permanent with this, i.e turning my hobby into an extra income, how do I go about this? Do I have to register as a sole trader/ltd company etc? Can I even do that while in an IVA? I have done craft fairs etc in the past and would probably do most of my work through these I guess. Will 100% profits from this be required to be paid direct into my IVA? or will our change in circumstance be taken into account with the new arrival? I wouldn't be paying myself a 'salary' as such from this, because I don't imagine it would ever get to that point and I will remain in full time employment. This is just a hobby that returns a little for now - maybe one day it could be more.

As I have also been with my company for just over a year, I do not qualify for full maternity benefits for more than 8 weeks. So will have to return to work very quickly as we cannot afford for me not to be working, so the possibility of being able to earn a little extra to help us get through a heavily reduced income is quite nice. I'm just not sure if I'd be breaching my contract etc by enabling myself to earn more of an income, if that makes sense?

Elliot145

IVA Adviser
IVA Expert



809 Posts

Posted - 24 Jun 2020 :  09:43:00  Show Profile  Reply with Quote
Hi Elliot145.

We can't give you advice about the best way to set up a business, but an IVA won't stop you from being a sole trader and it's also possible to be a director of a limited company.

All significant changes in your financial situation should be reported to your IVA supervisor, whether that's an increase in income or an extra mouth to feed. Your payment is based upon affordability, but there's scope for you to be the main beneficiary of a modest increase in total income.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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