hello everyone-a quick question-we have been in iva for only 3 months-we currently pay 310 a month.My husband is looking at a possible pay rise of 700 a month after tax due to promotion.Our contract states that this will be taken into account at the annual review but we cant leave it that long as we could end up owing thousands.Any extra money-bonuses - overtime-we declare monthly and send payslips monthly.We do want the creditors to get as much as possible so how much of the increase will be paid to the iva.We have the 10% rule and 50/50 on overtime but this is obviously a heck of a lot more money available.Basically would it be 50/50 or 100% to creditors-we are managing fine on our i/e figures but there are quite a few things that we are claiming minimal amounts on-clothing-hairdressing-petrol-no dental or prescription added to expenditure and no contingency.As i say we are managing fine but it would be nice to have more on the expenditure-even contingency money would help for emergencies-havent had any yet but i really wouldnt want to have to miss iva payments if one cropped up-we have a 72 month iva with a dividend of 34p in the pound(no equity at present so not sure of what may be available at month 66)
Thank you so much for your time.I would rather ask the experts before my iva firm to get a feel of what may happen.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
I had a similar experience, albeit my pay increase was not as much as your husbands.
I was also told that I needed to wait until my annual review but that in the meantime the 10% 50/50 rule would apply to the pay increase + overtime.
I would suggest similar may apply to yourselves.
You may find that your monthly payments may increase considerably as it is all about what is affordable.
I would suggest though that you discuss your allowances with your IP, you really should have an allowance for dental, prescription,contingency and should be allowed an allowance equal to your expenditure for petrol, provided the use of your vehicle is a necessity. I only had an allowance of £130 for petrol, but was using £190. When I provided evidence of this it was increased to the full amount.
With a bit of luck you may be able to offset a large amount of your pay icrease to necessary allowances.
It is possible that this will not be dealt with until the review and only then will the payments be increased. There should be no backdating but you should get anything agreed with your IP. A payrise is not 'overtime, bonuses or similar' and in theory your payments should increase by 50% of the extra money after allowing for increased costs of living.
Ultimately, you must inform the supervisor of any material changes in circumstances and proposals do vary so you should speak to your case manager and make sure and get their decision in writing.
well everybody -good news - hubby had interview for promotion yesterday and got the call today that he has got the job!!!
4 others there for the interview and he was really worried but came home tonight over the moon!!
Best news we have had since iva approval.
One question-our contract states all extra money has to be paid over 50/50 as soon as received and iva company confirmed this before Christmas.
Would it be right to ask for a new i and e now or wait for review?
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Hi - speak to your IP for clarification. I had £300pm payrise and that is not being dealt with until my review in July. Then I will pay across my new, higher monthly payment from August. It seems very generous - but hopefully will be the same for you!
