www.iva.co.uk

I'm currently in an IVA and just about to finish the first year of it. My partner currently gets paid shift allowance but will soon come off them. My question is would we have to keep paying the same IVA monthly payment or would the IVA company adjust them to take into account he'll no longer receive his shift allowance money.

Hi and welcome, was the shift allowance guaranteed income and was it included as part of your IVA basic payment?, or does his shift allowance come under the 10% 50/50 rule for earned extra income? I also get shift allowance but it was never calculated as part of my basic income for working out our IVA payment as in my IP's opinion it is dangerous to include it unless it is guaranteed.

You will need to discuss with your IP what happens next but a lot depends on if these payments formed part of his basic income for the IVA purposes

It looks like its been included in the basic salary but yes will speak to the iva people when we find out what's happening for sure

Hi

Fill out a fresh income and expenditure form with the new income figures, your payments into your IVA should reduce.Your IP may have to hold a variation meeting and ask your creditors to agree the reduced payments

Regards

Send in your amended I & E showing the reduction in income

There will likely be a 155% discretion to reduce your contribution without the need to hold a variation. Check your modifications

should be 15% reduction

Are you both in the IVA or just yourself?

We are both in the IVA
Is it easy to fill out a new I&E form

Very easy. Use the original one in your proposal as a guide. Then show your reduced income

Regards Paul

Hi Paul, thats great, thankyou.