Does anyone know what might happen

[Howarth1983]

Hi, ive been in my IVA for around 8 months and have had no problems with it at all. However I have just accepted a new job with a fair pay rise. I am really worried that a massive chunk or even all of my rise will be taken and added to my IVA payments. If my outgoings had not changed I would not be worried but they have. I have been learning how to drive which costs a fair bit of money, and it is required for me to drive with my new job. Once I am on the road I will have High insurance, tax, petrol ect to pay. Plus other travel expenses and living cost have risen.

I have tried to speak to my I.P. but all I have gotten back is that I have to wait unit I have started my new job and see what happens. Does anyone know what might happen. Im all for sorting out my debt and paying my IVA but I still need to live. If i can prove that my expenses have risen, do you think my I.P. will keep my payments the same or at most only raise it a little. Im really worried that all of it will be taken and ill still have to pay for all the new travel costs and risen living costs, thefore leaving me seriously out of pocket.

thank you

[iva experts]

Welcome to the Forum Howarth1983,

Your I.P should take into consideration your new income and your new expenditure increases. The two increases may cancel each other out but until you do a new income and expenditure form with your I.P its hard to say, they may wait until your yearly review.

Keep in contact with them so they can be refreshed of your situation.

Best Regards. IVA Experts

[Oliver]

All increased expenditure that is required for the new job should be offset against any increase in pay.

Best Regards
Oliver

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

[iva_squirrel]

Hi Howarth1983 and welcome,

Fill in another income and expenditure form to show your IP the current situation. One increase should compensate the other.

Regards,
Michelle P.