Posted: Sat Oct 19, 2013 1:15 pm
Hi!
Now that my IVA has been accepted, and my new job starts soon, my salary will be going up from 700 to 1100 per month. Because of higher fuel costs, and moped servicing each month, my disposable income will be roughly about the same amount, which is £100 per month. This is what my payment amount is for the IVA.
There is a clause which states that if I earn over what my income was declared at, that I pay 50% of the extra. However, because of my increased costs there will not be an excess per se. How does this work? I don't want to tell my IP yet as I haven't officially started the job, but will it require a new I&E?
If I can increase my monthly contributions in any way I will, as I understand that any disposable income is to be used towards the IVA. It will not reduce what I have originally agreed to pay and it will mean I may be able to make a payment of £20 more or so per month. I just don't want my increase in wage to be taken by the IVA because then I don't have a way of paying for petrol, maintenance and tolls for my moped, and then I can't get to work! :S
Any help you can give would be great.
Now that my IVA has been accepted, and my new job starts soon, my salary will be going up from 700 to 1100 per month. Because of higher fuel costs, and moped servicing each month, my disposable income will be roughly about the same amount, which is £100 per month. This is what my payment amount is for the IVA.
There is a clause which states that if I earn over what my income was declared at, that I pay 50% of the extra. However, because of my increased costs there will not be an excess per se. How does this work? I don't want to tell my IP yet as I haven't officially started the job, but will it require a new I&E?
If I can increase my monthly contributions in any way I will, as I understand that any disposable income is to be used towards the IVA. It will not reduce what I have originally agreed to pay and it will mean I may be able to make a payment of £20 more or so per month. I just don't want my increase in wage to be taken by the IVA because then I don't have a way of paying for petrol, maintenance and tolls for my moped, and then I can't get to work! :S
Any help you can give would be great.