Extra Income Advance?

[etheridge]

Hi Guys.
I'm an an IVA and I know that we have have 10% extra each month then after that 50% needs to enter the IVA.

The thing is my wife's income fluctuates so much I haven't really kept an eye on it and now our 12 or 6 month is almost due.

So if it ends up that we own the IVA £1000+ (for example) what would happen?

I'm not sure we could simple spread it over 6 months as we are only just about managing as it is...

Does anyone know what the protocol would be?

STRESSED!

Cheers
Jason

[Shining]

Hi I'm not sure to be fair but I guess it would need repaying into the IVA. Your IP is best placed to give case specific advice.

If you ask your IP they may give you a spreadsheet with the formulae already entered to work out what you need to pay into the IVA. I pay anything over 3 monthly and that way no nasty surprises at review time.

I'm sure a way forward can be made with your IP.

all the best. x

[lukeofyorkshire]

I hope you got this resolved. I'm in the same situation my income allowed is X but some months it is X -200 and the next X + 200 but they will not let me keep it all even though they balance out over the year.

So I've had 2 extra months added onto the IVA to pay for what they say I owe this year.

[simon1883]

MY IP is a b***** for this too... They say everying is costed over 12 months but as soon as they get a sniff they are asking... I get paid 13 times a year. It makes for some very interesting conversations with the IP.

They just dont listen.... 2 reviews completed and I bet in November when I do my 3rd the some conversation will occur....