www.iva.co.uk

Hi,

I started my IVA in October 2005 with a total debt of approx £23,000. I had my IVA approved on basis I would added another £2000 into the total repayment pot for my car. I have made monthly payments of £235. I was in arrears with Child support(CSA) payments and assumed that the arrears they were asking for was only for 1 year and when the payments dropped, the extra I was paying towards that would go into the IVA fund. However, this has not happened after some calculations they based the arrears payments over 2 years which is correct. So I cannot afford to pay the extra for that. I have had a wage increase of £5000, however my bills have gone up too as I live with my parents and contribute more towards the household as neither of them earn enough money. So max I can give to IVA company is the £235 + £41 (car repayment over 4 years). Are they likely to accept this?

Thanks

Hi
With any wage increase,apart from the annual inflation rise,you need to ask your IP for a new income and expenditure form.Fill that out as things really are and wait and see what your IP has to say.
It will very much depend on the attitude of you IP towards the increased expenditure
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Many thanks will contact him today

Look into your modification - it might say as in mine 50% of extra income goes to creditors above a certain sum of £500. So you will be sure of keeping 50% at least.

<<My motto:I am proud of black culture and is against racist bigotry>

Be careful not to mix up overtime/bonuses/commissions with payrises, usually the creditors will put in a modification into an IVA proposal that 50% of the above must go into the IVA. However this is not usually the case with payrises, if there has been no significant rises in expenditure that offsets your payrise, your I.P will want the extra to go into the IVA.

It would be worth contacting your I.P to make sure where you stand.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Hi,
On mine mod', there is two 50% pay to creditor references, one for OT/bonus and Commission, the other for extra income.They are quite separate.So I know I can keep 50% of any increase in income.

<<My motto:I am proud of black culture and is against racist bigotry>

Are you sure this doesn't count as your basic income. I was caught out like that with my IVA!

Check with your IP just to make sure.

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/

There seems to be a lot of variation on this between proposals. Mine says 50% of net income over the amount stated in the proposal arising from overtime ,bonus payments or a rise in in basic income. The creditors quite often add or change these.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

I have just started my IVA and I have had a cost of living pay rise of 2.5% this means I bring home 32.00 per month more. I have put 16.00 in my savings account as my mods state that 50% of any nett increase including o/time and bonuses goes to the creditors. I hope they dont want it all.

Hi
You will have to fill in a new I+E form at your review,make sure that you increase your utility bills etc in line with inflation and this should gobble up your payrise.If you put the 50% to one side you will have nice lump sum to cushion you against unforseen problems as I doubt very much that you will be required to pay it over.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks Andy, Oh! and thanks for helpingme get back onto the forum after my logging on problems.