My contract came to an end on 31st August and I am currently unemployed although I can get teaching supply work from end of September on..
My question is, if I got a tax rebate would all of it be required to be paid to the IP as a windfall, or would I be able to use it to make up the missing income that I'm going to experience over the next 6 weeks? Basically, I'll have a month without any work until supply kicks in and then I'll be earning about £300 less a month than I originally calculated in my original I&E. By being very, very careful, I can still pay my IVA and there are very strong reasons I need to continue to do this, rather than look at other options, but the next few months will not be fun!
Obviously I'll talking to my IP direct within the next week, but I'd welcome some thoughts now.
As far as I understand it Robbiecat, if your tax rebate comes in but you lose your income then the 2 almost cancel each other out effectively - with the tax rebate replacing lost earnings.
In our case hubby lost loads of overtime that was factored in to our IVA - however I then started doing ironing and was told that I can replace his lost overtime with my ironing money - it would only be once we earned over our 'household income' that more would need to go to IVA.
however do wait for an expert as I am certainly not one!
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
You must use it to supplement your income until you have found alternative employment, and then your IP will take into consideration all issues relating to this and your future finances at the time of the annual review.
