Hi All,
Been a while since I posted, I am just useless at keeping organized, never seem to have the time (or money hahaha) for anything. I hope everything is running smooth as it can be for everyone and life is treating you well.
Well, just emailed off my 2nd year review, hopefully all is well, two major increases petrol and food, adding about £40 a month petrol alone is up by 30p plus a litre, plus everything else is also up by a pound or two – which soon adds up.
Car has cost a small fortune since January, new brakes on the back £400- wheel bearing unit £170- two tyres £140- little savings pot that has taken 15 months to build empty, never mind just have to start again [:D]
I nearly got caught out on the 10% rule, luckily I fired off an email to one of Melanie`s team, and got the reply before I owed a large amount, let me explain, it may help others.
Sample figures not actual
Initial take home salary at IVA inception £2000, I can keep the first 10% or £200, then divide what is left by 50% keep half pay half easy as that.
Now the bit that confused me, hopefully I do understand it (think I do)
I got a pay rise which meant I now take home £2125, IVA monthly payment increased a little as expected as I got a pay rise, now I thought that as I had a payrise and the monthly payment increased I could keep 10% of the new take home pay which would be £212.50, and then the 50% rule easy I thought.
I was wrong If I understand it correctly the 10% is ALWAYS based on my take home pay at the IVA inception not what I currently earn, so the extra £125 a month has used up some of my 10% every month, if I now earn say £200 in OT I can only keep the first £75 then the 50% rule.
I hope that makes sense to everyone
I have read a post or two where some people end up owing quite a lot, I am not saying it is what I found but you never know, it is most definitely worth double checking and sometimes re-checking to make sure you understand the finer points.
very Best Wishes To You All
Mark
