www.iva.co.uk

My husband received a £3k payrise in May, we informed the IP and they have sent us today a I&E form to complete - we knew it would probably mean a rise in our payments but we have been warned to expect possible a £250 per month rise!
Our I&E has changed in certain areas in the last few months - am able to provide a months worth of receipts for fuel and food, and can also justify why an increase in our car maintenance should be considered showing expenditure to date plus what is due on our two cars which we need to go to work in - no public transport available!

If they do increase by this amount it will mean we are paying £1500 per month back - I know we will pay it back quicker than the five years - that is the 100% but it does seem unfair a little that he worked damm hard for his payrise for it all to disappear!

Hi
Fuel costs for cars have risen by 30% this year,as have other costs
Be sure to fill in the income and expenditure form to give a true reflection of costs.
I would be very surprsed if all of the payrise has to be paid over
Regards

Thanks - I have got fuel receipts for the last month totalling £215 against our original I&E of £168 per month!

Food was originally set at £280, but even with being careful what we have bought and not going over the top I have got it to £320 with receipts to prove!

I'm hoping that they won't ask for all but if they do then they do - I guess I will finish the IVA earlier than first planned!

Hi
You will,but only if you are returning a 100p dividend
Regards

If you have had a £3k payrise, there is no way you can afford a £250 per month increase as this does not even take into account taxes let alone cost of living rises. I suggest you complete a new income and expenditure account and let your IP tell you why they feel such an increase can be justified.