www.iva.co.uk

well. after my husbands shock job loss, he managed to go back to a previous company within a week. a few questions though.
husbands basic income has dropped by over £500 per month. IVA payment £412 pm. we have been given a payment break of two months to get a few wage slips for our IP.
my husbands wages were paid weekly in the lost job and will be monthly in the new job, today he was paid an unexpected final wage from his lost employment, which i gather is made up of the obligatory 2 weeks pay (£411 per week) + holiday pay. total £1712. he will receive his first part month new paypacket on the 25th.
How does this work with the IVA. obviously with the crossover in this months wage it is way over his calculated net income for the IVA. although future wages will be way below calculated income. how does the IP figure out what to do with this wage slip when there are such tricky times ahead for us. [xx(] (P.S. put over half of it into savings coz not sure but need rest to cope rest of this month and will obviously need some for nest month as hubbys next pay is only for part of a month.) ?????????

Oh Rollercoaster not sure about you questions but I'm glad your husband has another job. XX

I would retain the money for your expenditure prior to his new pay day !!! As you have been given a pay break anyway this may already be taken into account???

Glad he found alternative work quickly!

If you have lost £500 per month, and your IVA payments are £412, it would appear that they are no longer going to be affordable, in which case you should contact your IP immediately to take advice on the implications of this.

Have told our IP they have just said wait for a few wage slips, get them in and we shall go from there. think they are hoping that overtime will make up some of the gap, but thats not always around, only there at the mo due to OH covering any shift available and colleagues taking their annual hols. we have decided that there is no other option other than bankruptcy. we know most of the ins and outs having investigated all options before IVA, and i know that for the both of us it is 2 lots of cost, but in regards to the OR is it the same one for the pair of us?

Hey rollercoaster, glad your hubby got his job but so sorry about all the hassle. I really hope it works out for you. Keep posting and don't forget the BR sister site, lot's of good advice there. Good luck, Viki X

You will need to pay for two separate bankruptcies.

Hi rollercoaster ... I am a great believer in what is meant to be, will be ... perhaps the job loss will prove to have been a blessing in disguise and BR will give you and your family a new, fresh start. Sometimes the continual struggle just isn't worth it. Keep in touch and let us know how you get on.

Debbie