increase in iva payments

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kazzafunk

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Post by kazzafunk » Mon Aug 13, 2012 10:42 pm
Dawn - your payments can increase due to increases in income. It is allowable to reduce payments to the original amount agreed, and sometimes up to 15% off the agreed amount (although this may lengthen the IVA).

If there is a huge change to income it is still possible to get a reduction, but this involves going back to creditors to agree a variation to your agreed dividend.

Are you saying your IP has now included the shift allowance in your normal income? If so, I am not sure this is correct unless it's a definite increase each month. One of the experts will be able to advise later.
Kazza

Please visit my blog:
http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 14, 2012 12:42 am
I still don't understand why the shift allowance is now being included. Ask your IP to explain why they are changing the basis of the calculation of your disposable income.
Regards, Melanie Giles, Insolvency Practitioner
 
 

dawnhume

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Post by dawnhume » Tue Aug 14, 2012 10:18 am
if they don't include the shift allowance, we will still owe it under the 10/50/50 rule
 
 

Niobe

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Post by Niobe » Tue Aug 14, 2012 10:25 am
You would, but at least you'd get to keep more of it!!
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