www.iva.co.uk

Hi, I would like a steer on this please. I have had a cost of living pay increase which means I am 46.00 per month better off, I put 23.00 a month away in my savings account for my annual review, as I have a 50% clause of anything extra I earn to include overtime/bonus.
I want to join a gym again, I cancelled my previous gym membership pre my iva. The gym I want to join is a council run centre, which is the cheapest I can find, I also get a discount on my fees as I work for the council. Can I use my bit extra from pay rise per month to pay for this its 19.99 per month, or would I need to get permission from my ip first?

You are able use your additonal money for a gym membership, but you need to be careful it is not a 12month minimum credit contract you are entereing as this technially could be a breach of your arrangment (as you are taking on more credit)

Do you rent or own your own property as normally a cost of living increase is only enough to pay the increaes in council tax, gas, water and electric. And as gas and electric are about to shoot up you may need the additional money to cover these increase and therfore you would not need to make the 50% provision for your creditors but this should be picked up on your annual review.

Carl

Hi I rent my property, I should have mentioned that I saved 14.00 per month by coming out of the union, so that would go towards it. I know what you mean about the utilities though, I have worked really hard to get my payments reduced by being frugal, i.e. using the washer less and only use the dishwasher every blue moon. I wonder what the inreae will be,I am on electric only so no gas to deal with. I must say my petrol allowance is 50.00 per month, but that has shot up, last month I spent 60.00, I am keepig all petrol receipts now in case my ip wants to see them at review time.

Council tax is predicted to increase by 4% this year and Gas and Electric 10-15%.

You are right about petrol, £50 is not alot really considering petrol has gone up by 10p a litre (or is it a gallon always get mixed up) so you dont get alot of petrol for a tenner anymore.

You are right to hold back until you have spoken to your IP but i would suggest you do this know rather than wait for you annual review.

Hi Carl, why do you think I should speak to my ip befor annual review?

Best to get there views on it first as at the end of the day they are the people who look after your arrangment.

I would discuss the cost inflation pay rise as depending on how your proposal has been worded you may not have to contribute any of the £46 into the VA and use the addtional money to help with the increased costs in your expenditure which also increase annually - as we discussed earlier.


Carl