Hello I am new... quick question

[Lula]

I am 5 months into my IVA, I am in an IVA with myvesta and Baker tilly. [:)]Have to say Myvesta are Brill!
The thing that worries me is that since taking my IVA, my payemtns were £389 they then jumped up to £488 (pay rise) and now they are likey to jump up again to £588 (cost of living and pay rise).
Dont get me wrong, there is no way i would havebeen able to satisfy my debts without an IVA, but the incentive to work hard for a pay rise has been lost. I asked my insolvency company if i could do a new income and expenditure form, but they said NO not until the 12 month point! Is this normal as i notice that other posters have asked for one from their IP .[:0]
However i am still struggling, with pay rises comes more responsiablty and work (i now do a lot more driving then i was 5 months ago) and with the high cost of petrol this is having an impact. On a more "shallow" note, my employer expects me to be in suits every day ! which are not cheap...I am obvioulsy hitting Primark with a vegence...!

[Skippy]

Hi Lula and welcome to the forum. When I was in an IVA I was informed that if I received a payrise during the first year I would have to pay 50% into the IVA until the annual review, when I would then be expected to pay the full amount in, although I could offset some of the rise against cost of living. If I understand you correctly you are not asking for a reduction in your IVA, but for your pay rise to cover your extra expenses. I think this is a reasonable request and I don't think it's fair that your IP won't take your added travelling into account. Have you actually spoken to your IP or just to a member of their staff? If they won't budge, I would ask to speak to your IP personally and explain the situation.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Lula]

Well all my correspondance has been with a memeber of the team via email.. i get scared to ask/question, i am so very grateful for their hardwork and that my IVA was accepted that i dont want to rock the boat! (i know that sounds daft..!)
I take your point i need to push the point more though!

I think i may go and re-read my IVA blumf! I dont think my IVA has that clause just tha 50% of any payrise/windfall has to go into the IVA.

[Skippy]

If you don't get any joy from the member of staff that you are dealing insist that you speak to your IP. You are not rocking the boat as you have to survive during the 5 years of your IVA, and if you are really struggling your IVA is more likely to fail, which your IP certainly doesn't want! Re-read your IVA info, and if you have any questions please post away! I am not an expert but I will try to help, and Melanie or one of the other experts will be along to help!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Lula]

Thanks for that!

you know its funny 18 months ago I would be out on the town .. (spending on credit!) in the pub.. and now i am indoors on a saturday night worrying about my money.. completly new thing for me.. its postive though!

[Skippy]

Just to show how sad I am I'm sitting watching the Eurovision Song Contest!

It's funny how your priorities change when you face up to your debts - I walked around Asda this morning and was going to put a carton of soya milk back as I was being extravagent despite it being something I needed!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

Your insolvency practitioner could be a little more flexible in this "rule book" mentality. If you push clients too hard under income uplifts, then clients will get fed up with their IVA's, throw the towel in and end up going bankrupt just to escape from the constant scrutiny. Is is sufficient to do an income and expenditure account review once per year, so I am suprised that you have had two in five months.

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

[Adam Davies]

Lula
If your promotion and subsequent payrise has resulted in you having to travel more then you MUST insist on a new income and expenditure form regardless of when you last did one.How can they ask for the whole of the payrise without allowing for the increased costs ??
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[tracy.h]

I totaly agree Andy,i just think as i said before that like overtime 50% should be retained by the client it is commen sense that if you get an annual payrise then your yearly out goings would have gone up in line with inflaition,so if you dont get to keep half your annual payrise if your ip is not prepared to allow[and im not saying all ip's have the same rules] for this then where do you find the extra,promotion is different as this would then be extra income normaly on top of an annual say 3%payrise and as much as paying the whole amount to ip doesnt give incentive it gives the creditors more return and at the end of five years you can hold your head up and look back and feel proud that you have paid back as much as you could and still move onwards and upwards in the promotion ranks and all that extra that you have done with out is then yours to do with what you want.
Good luck Lulu i hope you get to keep enough for your increased living expensis,but maybe primark will have to stay on your shopping list,but it wont be for long,im sure you will be back amoung top shop and the likes again,you never know you may even become a primark junky.
Take care

Tracy

[Lula]

thanks for all the advice, just to confirm i only have to put in 50% at the moment, the difference.
I have had zero reviews on my income, i am waiting for my annual one!

I am going to watch how it goes and if i need to speak to my IP next month
Thanks for the promt and informative help!