www.iva.co.uk

Probably one for the experts

I have no clause regarding overtime or bonusus in my IVA. (Formerly with Debtmatters now Grant Thornton)

I have calculated how Debtmatters arrived at my Income figure at my last review (my wages tend to vary from week to week thro' overtime or not getting paid in incliment weather).

They added together the amounts I entered for my wife's and my basic monthly income and to this they added 10% of my monthly expenditure and this figure was our Income.

My question is when I fill in the I/E form when it is due in May should I calculate my Income the same way or do you think Grant Thornton adopt a different approach to any calculation.

Perhaps anyone with Grant Thornton or formerly with Debtmatters can tell me what has happened to them if in similar circumstances if they have no overtime or bonus clause in their IVA.

I suggest that you calculate the income in the same way as last year.

Mel,

do you think it is a logical way of working it out?

I'm glad I read this post ! I have just re read my proposal and it doesn't state anything about overtime or bonuses in mine either. HTe only clause there is regarding extra monies is under Inheritances and Windfalls. Would a bonus count as a windfall as it's not a regular percentage ??

Why would they add 10% of your expenditure to your income? That does not make sense! A better way would be to take an average of your last 13 weeks payslips to arrive at an average income figure.

I guess this is the way Debtmatters worked but by taking an average of 13 weeks would mean all my overtime being paid into the IVA which surely is not right

You would work it out on the basis of your basic pay - and not include any overtime in the averaging exercise.

Thanks for that Mel I misunderstood what you meant I should point out the figure will be higher than last year as I have had a pay rise in excess of my increased expenditure and I have no problems with this