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devon80
- Posts: 16
- Joined: Tue Nov 15, 2011 3:39 pm
- Location:
We started an IVA in may 2012 and our re-payments were based on our current jobs and income.
My husband may be offered more work and hence gain more income.
What i am confused about is what does the 50% rule apply to...only overtime/bonuses or extra regular income.
Would we have to do a new review to make adjustments in case our re-payments have to go up or wait till May next year?
Advice appreciated.
Thanks
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
It will depend on the woring of your IVA
Protocol compliant IVAs will mean that you only increase payments by 50% of the new disposable income, so if you were paying £300 and following a pay increase your disposable income rose to £500 your payments would increase to £400
You need to inform your IP and be guided by them
Regards
Andam Davies
