Posted: Thu Jun 05, 2008 8:53 am
Hi Guys
Been a while since I posted as since my last post where my IP refused to continue with my case, they decided to take it up again, so had been getting things sorted again.
Had my creditors meeting, and except for asking for another £40 and apparently some heavy capping of my IP's charges, my IVA was ACCEPTED!! *cheer* Good news number 1.
Good news number 2... I was asked to see my boss yesterday and he offered me a promotion I had applied for starting week after next!!
.... and then I got home to discover my wife has lost her job
I'm going to speak to my IP a bit later, but just wanted to clarify some points before speaking to them.
The IVA is ONLY in my name although my wife had agreed (by signing a declaration) to help with the payments (ie use some of her income).
My promotion is worth about £6k per year, but its not enough to cover the loss of her salary.
My IP has told me previously however that my wife's income would no longer be part of the IVA going forward, so it didnt matter how much or little she earnt now? Is that true?
I also have a clause in the IVA contract thus:
"A full review of the debtor's income and expenditure will be undertaken annually by the supervisor and will be incorporated into the annual report to creditors. This must include a copy of the creditors latest P60. Where the net income has increased (including any routine overtime) the Debtor shall increase contributions by 50% of the net surplus (after taking into account costs of living) commencing in the month following the review."
I read that as meaning, that if I declare I am earning £6k per annum more than I was then they will expect me to pay an extra £3k on my IVA?
I was under the impression that they would want it all, or have I mis-understood.
Also if my wife manages to get another job earning more money, will they want extra there as well? Or will that money be surplus and therefore allow us a bit of leeway on our payments?
As usual, any help gratefully received
PH
Been a while since I posted as since my last post where my IP refused to continue with my case, they decided to take it up again, so had been getting things sorted again.
Had my creditors meeting, and except for asking for another £40 and apparently some heavy capping of my IP's charges, my IVA was ACCEPTED!! *cheer* Good news number 1.
Good news number 2... I was asked to see my boss yesterday and he offered me a promotion I had applied for starting week after next!!
.... and then I got home to discover my wife has lost her job
I'm going to speak to my IP a bit later, but just wanted to clarify some points before speaking to them.
The IVA is ONLY in my name although my wife had agreed (by signing a declaration) to help with the payments (ie use some of her income).
My promotion is worth about £6k per year, but its not enough to cover the loss of her salary.
My IP has told me previously however that my wife's income would no longer be part of the IVA going forward, so it didnt matter how much or little she earnt now? Is that true?
I also have a clause in the IVA contract thus:
"A full review of the debtor's income and expenditure will be undertaken annually by the supervisor and will be incorporated into the annual report to creditors. This must include a copy of the creditors latest P60. Where the net income has increased (including any routine overtime) the Debtor shall increase contributions by 50% of the net surplus (after taking into account costs of living) commencing in the month following the review."
I read that as meaning, that if I declare I am earning £6k per annum more than I was then they will expect me to pay an extra £3k on my IVA?
I was under the impression that they would want it all, or have I mis-understood.
Also if my wife manages to get another job earning more money, will they want extra there as well? Or will that money be surplus and therefore allow us a bit of leeway on our payments?
As usual, any help gratefully received
PH