Page 1 of 1
Posted: Mon Oct 19, 2009 3:23 pm
by flaps1
hi all - i have just spoken to my IP as they are currently carrying out my annual review - i have submited my I+E and my outgoings are £988 compared to my salary of £1353 per month - they have told me that my payments will go up from £377 to £402 - am worried that i wont be able to afford the IVA any ideas? - the IP has agreed my I+E and i thought they would only take 50 - 75% of the DI!
Help!
Posted: Mon Oct 19, 2009 4:21 pm
by PELDER
Sounds about right Flaps1 - I have just had my annual review and out of a salary of £1435 per month and average outgoings of £810 per month my contribution is unchanged at £622 per month - it's tight I know, but I'm sure that one of the experts on this forum will be along to advise you shortly.
Posted: Mon Oct 19, 2009 4:21 pm
by kallis3
Hi Flaps,
Sorry to hear that your review hasn't gone as well as expected.
You do need to speak to your IP to tell them that you can't afford these extra payments - on the figures that you have given, your DI is actually less than you are paying anyway.
Posted: Mon Oct 19, 2009 7:26 pm
by pm5
Sounds like someone has got their sums wrong at your IVA company flaps cuz that dont sound right at all, the whole idea of an IVA is yes to pay your debts off but also be able to live comfortable too.
Posted: Mon Oct 19, 2009 8:38 pm
by MelanieGiles
The maths does not work out here - unless they have disallowed some of your expenditure. What does the actual IVA proposal say about increased earnings?
Posted: Tue Oct 20, 2009 7:12 am
by flaps1
hi all thanx for your replies - melanie, my proposal states that any increase over the 12 months means that they can take 50% - my wage has inceased by £50 over the last twelve months (not per month) since i was accepted ibto an IVA so i suppose its correct that £25.00 is taken. what i cant get my head round is that when i did my i+e i didnt include my iva payment, which i understand but if i had included it, it would have taken me past what i actually earn each month - it might be me being a thick northerner but i cant really get my head round it! lol
Posted: Tue Oct 20, 2009 8:28 am
by MelanieGiles
Not thick - you just seem to have a very confusing IVA. Increases should not be worked out on the basis of salary alone - as this takes no account of increased expenditure.
Posted: Tue Oct 20, 2009 8:31 am
by flaps1
to be honest, i think i have! would it be possible to email you seperately with all my details so you could have a look and see what you think? i know you are very busy but would appreciate it. i have been on the forum on and off for the last 12 months and have read your replies to questions that have been posted and they seemed to make sense!