www.iva.co.uk

Good evening.

I'm just about to start my second annual review and am currently getting the figures together. The first year’s review went OK. My surplus had slightly decreased but I maintained the same payment. I didn’t get a payment reduction but didn’t ask for one either! For the second year at first look it appears that my surplus has increased by £40 per month. This is due to a pay rise on which I have paid 50% of it since I received it at the end of last year. My question is will, if my figures are correct, mean my monthly IVA payment will increase by £40 or £20? i.e. only 50% as my Chairman’s Report states “In addition to the proposed monthly contributions, the Debtor will be solely responsible for paying 50% of any additional income above that quoted in the proposal.”

Thanks

It will really depend upon your IP's view and interpretation of the proposal terms to be honest. Make sure you have included all current expenditure, and have left yourself with appropriate room for contingencies as well.

Thanks for the prompt response, Melanie. I'm happy to pay the £40 but £20 is £20!

couldnt agree more!

I went shopping today with my last £20, and it took me over an hour and a half! (bear in mind im a bloke also!) but happy to say that i was able to get a couple of small extras with the pennies i saved by shopping around, and enough food to make meals for family of 5 for the next few days - well chuffed!

roll on budgeting!

[:p]

Don't forget in your I&E to include all costs for car
Petrol..Ins...Road tax...Service...EMERGENCY....

Emergency in case of new tyre etc

funny you should say that, my missus car needs 2 c new tyres now. Economy tyres = £140. Is this what the contingency is for? seems a litle low.

My I&E for my car read...

Petrol £50
Ins £21
Tax £12
Serv £10
EMERG £15

Total £108 a month (just for the car)

Seemed on paper that my car was better off than me lol

dand wrote:

funny you should say that, my missus car needs 2 c new tyres now. Economy tyres = £140. Is this what the contingency is for? seems a litle low.

What size tyres are they??? I got 2 for my laguna for £70 each and they werent economy ones.

Other than your petrol (and not sure that that is right) They appear too low. Are you single or married and do you have any non working children and is this a budget for domestic costs only?

Just an update to say that my second annual review went fine with no increase in my payment. PayPlan increased my contingency and my car expenses which wiped out any surplus. I don’t know why, but I get very anxious about the annual review but for the second time it’s turned out OK.

Good news Sensible - pleased to hear it.

I'm glad it worked out for you Sensible x

dand wrote:

couldnt agree more!

I went shopping today with my last £20, and it took me over an hour and a half! (bear in mind im a bloke also!) but happy to say that i was able to get a couple of small extras with the pennies i saved by shopping around, and enough food to make meals for family of 5 for the next few days - well chuffed!

roll on budgeting!

[:p]

dand you need to share your secrets with me I went shopping and spent £30 just on me and my son's food shopping for the week..

And me, I'm still hopeless when it comes to shopping!

I'm pretty good now with shopping. I made a list, and unless there is something that we normally use which is on special offer, we stick to it.

I was impressed with Dand though!