Now that my IVA has been accepted, and my new job starts soon, my salary will be going up from 700 to 1100 per month. Because of higher fuel costs, and moped servicing each month, my disposable income will be roughly about the same amount, which is £100 per month. This is what my payment amount is for the IVA.
There is a clause which states that if I earn over what my income was declared at, that I pay 50% of the extra. However, because of my increased costs there will not be an excess per se. How does this work? I don't want to tell my IP yet as I haven't officially started the job, but will it require a new I&E?
If I can increase my monthly contributions in any way I will, as I understand that any disposable income is to be used towards the IVA. It will not reduce what I have originally agreed to pay and it will mean I may be able to make a payment of £20 more or so per month. I just don't want my increase in wage to be taken by the IVA because then I don't have a way of paying for petrol, maintenance and tolls for my moped, and then I can't get to work! :S
Why not request a fresh income and expenditure? are you coming up to your review date? Some IP's wait until review date to deal with these things others like to deal with them as they happen. What I would do is keep your IP in the loop and take their guidance.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I've only just had my IVA accepted so I have a bit of time to go before the annual review. I don't want to end up owing a lump sum for 'uplifts' (I think that's what they're called!) As I would have no way of paying them.
Afternoon
I had a similar experience and similar set of criteria attached to my IVA. Do you have an email, I don't want to cram up the forum at this time.
s_murphy_pop,a new I & E sounds the best thing to do. As has been said, notwithstanding your payrise, which will be eaten up by fuel, you MUST be entirely happy, together with your IP, of the proposals. The last thing you want is, having alleviated the stress of creditors, to find yourself in the same boat with your IP. Make sure your IP is fully aware of all new expenses but at the same time don't make yourself incredibly hard up that you can't afford to go to work. Your IP will totally understand.
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
This does depend on the actual wording of your own unique IVA proposal, and without sight of those documents it is difficult for anyone here to give specific advice. Best thing to do is contact your IP who has detailed knowledge of your case, and ought to be able to give you a definitive answer fairly quickly.
