www.iva.co.uk

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

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