out of interest

[anais743]

Would anyone out there who completed an IVA care to divulge how their payments changed from year 1-5. I appreciate that all cases are individual but would be interested to see how payments went up or down.

thanks

[Lisa2009]

Our payments didnt change a lot. It all depends on individual circumstances changing over the 5 years period. Gladly our finances never changed in the 3 years hubby had his IVA.

[louisa.s]

Hi Anais,

Our payments didn't change after our first review (£357) however we are coming up to our second review in April time (ish) and after hubby got his payrise in januray we voluntarily put our payments up to £377!

Lou

[abc]

I am an IP and look after many IVAs. There is no standard. Some IVAs go through all five years without any increases yet another I am reviewing in the third year has manage to double their contributions as they have received very good payrises.

[Oliver]

Often any increase in income (due to pay increasing with inflation etc) can be offset against the rising cost of living.

[JuliaE]

I am in my 3rd year of IVA. I started off paying 320 and now they are asking for 1020 which I cant afford. My daughter goes to college so have to pay her fees but they wont take these into consideration. I am having a nightmare at the mo.

[jane.l]

I am not in an IVA, we had a proposal drawn up but cos we could not sell our house with secured loan on it and the IVA payments started at £190 then rose to over £800 in the last 3 years, (it was 6 year IVA) we decided on bankruptcy

[emma_t]

Hi anais

I think that if your salary does not go up by massive amounts your iva payment will stay relative to that for the duration of it.
The typical increase anyone recieves each year in salary will be swallowed up by increase in the cost of living.

I worried about this also as had a 6.7% increase in January but was informed by Melanie that she would wait until my review to see if this changes anything, had I recieved a large increase I am sure this would be changed straight away. As it is since my iva started in November bills have increased and I have not felt any benefit from my payrise
Emma x

[angela18]

how can payments triple... i don't understand

[MelanieGiles]

Payments could triple if your income increased significantly Angela, as the annual reviews carried out by the IP will be based each year upon an affordability test.

[angela18]

Yeah I realise that just seemed a massive hike

[JuliaE]

MY wages at beginning of IVA were 1300 last year they went upto to 1818. Still paid 320 but now my wages have gone up to 1948 now they are hitting me. From what I gather all payslips were sent in and indeed they still have them and both p60s. I put down expenses for daughter then. No problem but now its all gone wrong.

[MelanieGiles]

Why has your salary increased so dramatically timewell?

[anais743]

I am on a structured pay system and know what my salary will be for the next 6 years. Each year my salary will go up about £1000 a year so in 2013 I will be earning £5000 a year more than I am now. Am I right in predicting that in year 5 my monthly net income will have been increased by £400 a month so minus any increase in living costs my IVA will increase significantly during the next 5/6 years.

[vickir]

Any vacancies where you work?, i've not had a pay rise for 5 years and we dont get overtime - i'm definately in the wrong job!!