Calculate monthly payments
Posted: Wed Sep 04, 2019 12:31 pm
How do the IVA companies calculate how much you have to pay the creditors from your monthly wage
Basically they use your take home pay and deduct agreed, allowable expenses, per accepted guidelines. What is left is your regular IVA payment. After that they also take around half of any susequent pay rises as well as overtime and bonus payments and all of 'windfalls' over £500 ( lottery wins, inheritances and the like).
You have already been through this exercise and the details will be in your paperwork.