Ive been in an IVA since October 06 with my husband.
Ours was to run for 6 years,the extra year in luie of equity in our property.
So far we are managing ok.
We never started the iva because we were missing payments,(we were just managing to meet them,god knows how we did it)we realised we had far too many out goings,too much debt & on occasions "robbing peter to pay paul".We realised this couldnt go on & we needed help!
Any way, just wanted a few things answering.
Firstly since starting our iva i have had another baby,obviously he isnt taken in to account on our mthly expenditure (just me,my husband & other son are).My husband has had a wage rise of £500 since the iva started,however i have not told them this yet as(as i was already told at the start of it that if one mth i was down £50 & the next mth i was up £50 that would be ok to keep it as it worked the same etc),the extra he is getting covers the amount of wage i am down every mth whilst been on maternty leave.So really at the moment we arent recieving any extra.
When i do return to work i will have to pay child minding costs,because we can not obviously afford for me to stay at home.I have to work so that we can meet our iva/budget every mth.
I am wondering if we will be expected to pay the £500 wage rise he has recieved in to the iva or if we will get to keep this to fund the care costs,as these will be £170 a wk!
Ive looked in to getting help with childcare costs but we earn too much to get most of it paid every wk.We are entitled to 200 every mth.
Also wondering that as its a joint iva,what would to happen say in 2 years time if we were to seperate? (& had not fallen behined with payments)
What will we be expected to provide for our 12mth review? 3mth wage slips each & our p60s.
Im wondering how they work it out with your p60 for your first 12mth of your iva,if you started your iva half way through a tax year.We started our iva in october last year,but i was abe to do more over time before it started which would there for look like i was earning more on my p60 than i would usually.also my husband recieved a one off bonus last may,which would make his yearly earnings seem like more.
Sorry for the ramble & hope it makes sense!!
Thanks
