Could I argue this with my IP?

[newmember]

Hello there

I've been in my IVA now for a couple of months and i wish i'd found this site long ago.
Can anyone help me.

During set up my income was £1031, my expenditure was set at £681 leaving me with £350 to pay into my IVA. But I am paying £380 ??? I have no idea how this has happened.
I am struggling each month as petrol prices have sored, c£20 month short and i dont have anything built in for contingencys - ie car breaking down/christmas.
I've now just had a pay rise to £1136 which i have to pay 50% straight into my IVA from now on. So that £105 extra per month. Given the £30 extra i'm paying already and dont have, £20 extra for fuel and £50 for contingency, this would swollow all the extra up.
Could I argue this with my IP?

Looking forward to your answers.

Thanks a lot

[Adam Davies]

Hi
was there a modification at the time of your creditors meeting asking for a £30 increase in payments ? have a look through your chairmans report.
When yo receive a payrise you should ask for a fresh income and expenditure form and fill this in.Put down your increased petrol but I doubt that a contingency allowance will be allowed post IVA.
Let us know how you get on
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[desperateneed]

Hello and welcome!

So sorry to hear you are having problems, especially so soon into your IVA. I am in year 4 of my IVA totally sympathise as during this time I have had one car nicked and two relegated to the scrap yard as they were not worth repairing; this year my car has cost me about £600 to keep on the road and have had to resort to borrowing from family - with no hope of them being paid back in the forseeable future.

As for this increase in your payments - have you addressed this with your IP? It might be something as simple as an administrative error, and believe me, they do happen (in my case frequently).

In the past 12-months I have found myself in a conflict with my IP and am currently arguing with them - a word of advice though, do everything in writing (email or recorded delivery - although this costs you as well and you don't expect to account for this shortfall in your monthly budget!) as telephone calls can be 'spun' to their advantage.

On a brighter note, I am so pleased you have found this forum. The advice and support I have received over the past 3-months has been absolutely invaluable - these are people you CAN trust and will certainly help you if they can.

Keep posting, it really does help!

[Skipper]

There are inflatonary increase in pay and upto a certain amount an IP can say keep it all. On my mod' it does say anything less than £500 a year the IP can a have a discretion in not redistributing as it is not economical.I have to see when that happens. As said if your expenditure have increased the IP can assess that increase and give you more of the increase in pay. There appears to be a grey area in these issues.


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[mich]

I think you are right, there was an ammendment made.

So, this brings me to a new question!

I have to give them 50% of my increase straight into the IVA. As my outgoings have increased too, would the 50% be applicable before or after my new disposable income in calculated?
Also, is there an acceptable level of expenditure increase? I've heard somewhere 3%, but petrol goes up way way faster than that and if anything i'm doing less miles but its costing me more.

Cheers so far ppl

[Adam Davies]

Hi Mich
Your IVA is only a couple of months old so there should not be a big difference in expenses.Have a look at the terms and conditions of your IVA or better still speak with your IP as normally it is only overtime and bonus's that attract the 50% clause.Increased income normally has to go into your IVA in full,less increased expenditure but this may not have to commence until your one year review.It is all down to how your IVA is written and your IP
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp