recently had an IVA accepted

[GetStraight]

Hi. I am new to the forum and have recently had an IVA accepted, due to make the 1st payment at the end of this month.
I have a question please. My IVA contribution was calculated quite rightly by utilising my income and also my partner's income together with our joint household expenditure. I don't get paid overtime, but if I did I understand that 50% would have to be paid into the IVA? My question is, if my partner works overtime does that need to go into the IVA? I would have thought not, as we have separate bank accounts and the IVA is in my name only. She has no debt. Thanks.

[MelanieGiles]

No - your partner's overtime is not subject to the 50% review, but your IP will need to see a copy of her P60 at the year end and this may result in an increased contribution if she has consistently earned more than was disclosed within your statement of affairs.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[GetStraight]

Thanks for the reply Melanie. I have just one more question if anyone can help. I will get the "normal" cost of living rise in April, if the last few years are anything to go by this will be between 2.5-3%. At the annual review will I have to increase household expenditure by the rate of inflation, will the IP do it automatically or will my "cost of living" salary increase mean that I will have to increase my IVA contributions? Thanks

[MelanieGiles]

You will need to advise your IP of any increases in expenditure, which are usually equivalent to your cost of living pay rise. If this is the case, then no increase in contributions will be necessary.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp