2nd year nerves!!

[thanna]

Has any one any advice for the second year in an iva our review is nearly due.I;m getting nervous in case we get our payments increased last year they didnt put an increase on.We increased the amount ourselves mid year by half my husbands salary increase.Im hoping that will do as we;re finding it tough managing,we,ve 5 children and no matter how organised i am new things always crop up.

[MelanieGiles]

You just need to present the figures as they are to your IP and they will determine whether an increase is feasible - which is hardly likely if you are presently feeling the pinch. Why did you voluntarily increase your payments during the year?

[TheMatrix]

I'm in the same boat, I got a promotion within 3 months of my IVA being accepted and voluntarily increased the payment by 50% of my salary increase, and informed my IP of this.

I recently did my 2nd - 3rd year review, although I had a pay rise last year of around £50 a month, my expenditure has also increased effectively wiping that out.

I have the 50% clause in my IVA, and I'm waiting for the bomb shell that I have to pay another £25 in but they have yet to come back to me about it. Hopefully they wont, it has been a month now since I sent everything over to them.

[thanna]

my husbands pay increase came through in august 07 and our review is at the end of july08 i just assumed they were entitled to half of this straight away

[Jinx]

My contributions have gone up every year but only slightly and so has my salary, also unfortunately only slightly, never had any issues!

[thanna]

Does that mean i shouldnt put it up straight away but wait until the review will they not ask me for a lump sum then?I;m afraid to leave it in case they ask why we didnt increase it straight away.

[thanna]

p.s the increase was for about £38.00per mth

[pm5]

In my iva i have the 50% clause& the option to pay this in a lump sum at each review or as i earn it, but i am awaiting a reply from my IP regarding extra expenditure i have got which wipes out the wage increase anyway, so if its gone on extra expenditure we cant really donate any to the iva.

[MelanieGiles]

Thanna

If you have earned extra money and you know it is payable into the IVA it is always better to pay it over straight away thus avoiding the tempation to spend it.

[yankeegal]

My company are pretty good. I told them my earnings and also told them my outgoings. I added a few pounds on to my shopping allowance and a couple of other things because I needed more. It wasn't unreasonable as things are more pricey now. For example where last year I would have normally spent £75 on my petrol, this year I would have to put down more. It cannot be helped when the petrol shoots up in price and I don't do it to try and 'earn' money back but just to cover the cost of the payout. Funnily enough there were a couple of items on my last allowance that I thought were too much and so I lowered them!!! I am sure that if they see that you are making reasonable adjustments to your allowances that you should be fine! After all the cost of living DOES go up or why would we need payrises!!!

[pm5]

I think the majority of IP,s accept things go up & im sure as long as they can see the extra expense people put down is fair & not greedy then i would,nt have thought there would be a problem.

[thanna]

Thanx thats great[:)]