www.iva.co.uk

Hi there. I have recently completed my first year of an IVA and i have made all my monthly contributions. I have had to submit all my payslips for the end of year review which i have done.

My monthly expenses have increased during the year by £250 per month,i have provided my IP with all documentation to prove this. I have also earned 6k in bonuses and overtime above the original expenditure listed.

My IP has written to me today to advise that they agree with me that my new outgoings are correct and therefore no increase is required in my monthly contribution. However as i have earned 6k above the original proposal they have asked me to forward 3k to them. They dont seem to have acknowledged my extra expenditure at all with reagrds to this??

Is this correct??Basically to clarify my original earnings when the IVA was first submitted was listed as £1600 and the same for expenditure, my the current amount of outgoings which the IP confirms is valid is £1850 and this has been the case for the last 10 months. The excess of earnings is £6k but based on the £1600 figure not the £1850 amount. Naturally i dont have 3k to give and the letter says they want it in the next 28 days??

Any advice would be appreciated. I cant see how this can be right???

Thanks

we have a 50% ovetime/bonus clause with our IVA, so anything we get over 10% of salary half has to be handed over.. which we're happy with

Obviously I can't comment on your case, but with me any overtime or bonuses I earn, I can keep 10% and the rest is split 50-50 with my IVA. I think this applies to most people now. Have you checked your originl report to see what it says?

I would say that you would have to pay them some of your bonuses, but I am sure an expert will be along shortly to clarify this

Sorry i think you misunderstand. I'm not disputing the 50% of overtime clause. What i'm saying is that my extra outgoings which my IP has agreed to has pretty much eaten into the extra income.

I can only suggest that you get in touch with your IP and discuss this with them.

Yeah i will but was hoping to get some advise of the forum?

If we keep this at the top then one of the experts should be along to advise you.

Who is your company by the way?

Accuma

That doesn't seem fair to me - if they have acknowledged that your expenditure is ok then surely they should make allowances for all the months you have been paying the extra and knock it off the bonus.