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devon80
- Posts: 16
- Joined: Tue Nov 15, 2011 3:39 pm
- Location:
Just a general question. I am in year 1 of an IVA and my husband is self-employed. It has been determined for this year he can earn £X and me £Y. Any increase in the amount determined we have to pay 50%.
We pay £210 each month based on what we earn and our expenses.
Say he earns £800 a month now and me £300 if we go over this sum we pay 50%. That's fine.
As he is self-employed i expect him to get more business so if we have our annual review can our monthly earning be allowed to increase for the 2nd year? So are we able to put down his earning would increase to say £1,000 and me £500 or is the wage amount fixed for the 5 years? Or is the salary reviewed each year and fixed for the year and its 50% over what's been determined for that year?
I know that we may pay more each month for our IVA repayments if our wages increase.
Does this make sense....sorry if it doesn't [:)]
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KM1512
- Posts: 392
- Joined: Fri Jun 15, 2012 2:05 am
- Location: United Kingdom
Devon I don't know if self employed is treated different but I am employed and each year my wages are reset according to my P60 and monthly earnings. So for example my earnings increased by £60 this year but so did some of my Expenditure so it balanced out I am just waiting for my 4 year review but this process happened on the previous 3
