50% extra every month?

[agnewli]

Hi, im new but ive benn in an IVA for 2 years now and we pay a fixed monthly payment every month, mine and my husbands wages vary every month and our IP takes an extra 50% off our monthly income every month over a certain amount, I dont know whether this should be right or not.

[aguise]

Hi there. We do the same, anything over our agreed income we pay 50% into the iva. It is a usual clause 50% of all overtime and bonuses. Your iva wouuld have been worked out on a set income and anything over that is payable at 50%,but you can ask for any increases in living expenditure to be offset against the extra, things like council tax rises rent rises.
Hope this helps wait for other answers though to make sure I am right.

Ang

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

[aguise]

Just to add its better to pay it in monthly as you would need to save it and could get asked for a large amount at review.

Ang

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

[MelanieGiles]

If you are unsure of your responsibilities under the IVAs, I suggest that you re-read the proposals and Chairman's reports and query anything which is vague with your IP directly. 50% uplift clauses such as yours are extremely common these days, but your IP should have discussed the implications of this to you nevertheless.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[agnewli]

Thanks for the advice, i thought as much. Sometimes feel a bit worse off than i did before the IVA.
Thanks again,
Lisa

[Oliver]

Hi Lisa and welcome

This is a pretty standard clause nowadays but do reread the terms and conditions of your agreement if you are unsure.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[agnewli]

Wondered if anyone knows what IPA stands for, my husband used to get a bonus and it would say bonus on the payslip, however now he gets what is called an IPA, as this has changed on the payslip we wondered if anyone knew what it meant and if it would be reconised as extra income. my husband recieves expenses into his wages aswell and the IVA do not take this into consideration.
Thanks Lisa