in an iva 2 years

[jodiex]

our iva was based on our income of 2000 per month. My partner has done an extra 7k of overtime this year and our living expenses fuel, mortgage, rates etc have risen dramatically. We dont have the money to pay our IP for the 50% overtime. Will they ask for it or can we pay something extra on top of our payment each month. Stupidly I did not realise how much he had earned and im petrified our IP will petition to bankrupt us.

We have very little money each month and Im at my wits end over this.

Can someone advise

[Sarah]

Hi and welcome to the forum.... i think from experieince that you can either make a lump sum or you can raise your monthly repayments.... but when i had this all of the money had to be paid before my early review.... i hope this helps

[MelanieGiles]

You will need to explain this properly to your IP, who will probably let you pay it off in installments from future overtime earnings. Please make sure you get your partner to hand over his payslips in future, and it is probably better to account for any additional earnings on a monthly basis directly to your IP to avoid this happening in the future.

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

[jodiex]

feel a lot better. Will start making extra payments each month and will get my partners payslips. Had a fear of them forcing me to go bankrupt not an avenue I want to take. Tks for the advice

[Oliver]

You should be able to pay off any monies owed over the remainder of your agreement. Remember that it is importnant to hihglight to your IP any costs that are involved in making the extra money (i.e. increased petrol costs, child minding etc) so that these can be offset by the money which you earn.

Best Regards
Oliver

Thomas Charles and Co Ltd.
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