www.iva.co.uk

Hi all, this is my first post, wish I had seen this site when I was first applying for my IVA 18 months ago, there's a lot of very good information worth reading even when I'm so far in to mine.

The problem I have is that my employer is in dire finacial straits, with redundencies left, right and centre, one subsidiary has also gone bankrupt so it's not good news, however the department I work for is still makes very good money so I have been earning commission plus I've been getting overtime for the last few months as well. I've tucked most of this away pending my 6 monthreview in November\December.

I'm not sure what amount of my additional earnings my IP are entitled to take?? I know they will want something but this buffer is real peace of mind in difficult times.

Is there any way my IP will let me keep this extra cash in such uncertain times or is it pretty cut and dried that they will want a good chunk of it??

On a second string, roughly what sort of a percentage would my monthly payment be reduced by if the pitter patter of tiny feet were to become a reality?? a colleague of mine has an IVA for twice the amount of debt I had\have yet pays less than me due to the fact he has two mouths to feed.

Thanks in advance.

Hi there and welcome to the forum.
It should be in your proposal regarding overtime and the amount required to pay in. It can vary, ours states 50%, the more recent are allowed to keep the first 10% and then pay 50%, some dont have to pay any at all. When you come to review though I would ask for any rises in your expenditure to be taken into account.
Everyones iva varies in the amount they pay back as you say, some have more costs. If the pitter patter arrived then you would need to do a new i and e taking into account the extra needed for a babe.

Ang

You need to ask these questions of your IP, as they have detailed knowledge of your cases and are best placed to advise you on the additional amount you will need to pay over.

Aguise is spot on when it comes to the cost of children. Each case is different and no IVA should be compared to anyone elses - the are called "Individual" voluntary arrangements for good reason.