monthy payments

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Rachel198k

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Post by Rachel198k » Mon Jan 07, 2008 4:44 pm
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Hello everyone

I'm almost a year into my IVA, just wondered if my payments will be increased at any stage or if what I pay now will be the same till the IVA ends?

Sorry for being thick on this[/font=Comic Sans MS]
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BECKY

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Post by BECKY » Mon Jan 07, 2008 4:59 pm
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At ur yearly review ur income and expenditure is assessed and if u have excess monies left over u will be expected to pay this into ur iva. This would happen if u had a payrise that wasn't cancelled out by extra expenditures such as increased rent, mortgage , travel costs etc.
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Beechy

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Post by Beechy » Mon Jan 07, 2008 5:00 pm
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You are not thick, it is a good question

You will be contacted by you supervisor who will ask you to complete an Income and Expenditure and proof of earning etc.

If your situation is the same as previous then nothing will change.

Depending on your proposal is you have earn more than the prev year you could be expected to pay 50% of this increase towards your iva.

This is a broad out line and I am sure other posters will give their thought and tell you how their review has been handled


Dave Beech
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cat 1

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Post by cat 1 » Mon Jan 07, 2008 5:03 pm
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hello..therefore, if you had managed to save some money, would it go to the IP? Cat
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Beechy

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Post by Beechy » Mon Jan 07, 2008 5:39 pm
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Do you mean personal sayings?

Dave Beech
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cat 1

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Post by cat 1 » Mon Jan 07, 2008 5:40 pm
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yes.money that we've managed to save as the year has gone by? Plus, how much would it be ok to save.Noone seems to answer this? Thanks Cat
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Beechy

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Post by Beechy » Mon Jan 07, 2008 5:43 pm
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As most proposals include a contingecy fund it is more than likely you will have saved some money. If you have managed to save a large amount of money that should raise question as to the accuracy of the Income and Expendite that was submitted

Dave Beech
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Adam Davies

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Post by Adam Davies » Mon Jan 07, 2008 8:55 pm
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Hi
It is quite possible that you can save money by being frugal with your expenditure and also by saving any earned overtime/bonus after paying the required 50% to your IP.
So to answer Cat1 specific question,as long as you have been honest with your expenditure and declared al income/bonus etc,any saved income will be yours to keep and not for yout IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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