Payrise...

[princessb]

Hi there,

I'm just looking for some general advice here. I'm currently in an IVA and have made one payment into it so far. When I originally filled in the income and expenditure form my salary was based on estimated figures as I'd just changed my job and wasn't sure how much my basic wage after tax would be. Over the past three months my salary has varied each month and I have recently had a small payrise of £500 per year. I have been advised to send my husbands and my most recent payslips into our IP as the repayments will have to be recalculated. What I'm worried about is will I have to pay a lump sum over to the IVA? I have phoned the firm that's doing my IVA loads of times and feeling like I'm annoying them and they rush me off the phone. I'm new to the IVA process and I seem to be worrying more now than ever before.

I'd like some advice please, this month I have had my salary increase backdated which has given me approx £70 extra this month but it's just a one off payment. Also, our income and expenditure isn't correct, we pay more out than we realised, do we need to complete another form?

I'm really stressed out at the moment, sorry for all the questions.



Don't want to let it lay me down this time, drown my will to fly....

[catullus]

Provided that your IP is prepared to take a pragmatic approach it sounds as though the payrise might offset the additional expenses you are incurring.

So long as those expenses were broadly acceptable I would simply agree that you would continue your contributions at the same rate with the intention of reviewing the position again on the 1st anniversary.

Different IP's will have different policies but all IP's like to be kept informed so write them a letter setting out the revised position.

[MelanieGiles]

And I agree with that strategy as well - there is no point taking money off someone who has already had to spend it just to keep up with the general household expenditure.

Fill in another income and expenditure form to show your IP the current and accurate position.

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

[princessb]

Just to give you a little more information.

The firm that's doing our IVA has my salary after tax down at £750pm and my husbands down at £930pm. I contacted them as soon as a realised we were getting paid slightly more than these figures and was told that it's not a problem and to send in our payslips as normal on a quarterly basis. My husband actually gets paid £967 per month and I still don't know what my actual salary is after tax, I've had two payments since entering the IVA, one of £767 and one of £872. The £872 one includes a backdated salary increase amount of amount from last month.

I have since contacted them again and have been advised to send our July/August payslips in ASAP and was told that I may have to pay the extra amounts that we have received over and above the figures they have for us in a lump sum depending on what they think when they receive our payslips. I'm just really confused so I've emailed my IP directly and he was kind enough to reply and said he will look into it once he's back into the office.

All in all I think we will be earning about £100 more collectively that the figures our IP has down for our salaries going forward. Our disposable income was £330 but we agreed to a £40 modification to get the IVA approved. We can afford the amount we are paying but anymore is going to be a real push and the extra money will mean we will be comfortable, I just don't want to end up paying an amount we can't afford.

Don't want to let it lay me down this time, drown my will to fly....

[MelanieGiles]

Best to wait until your own IP returns to deal with this - as he has specialist knowledge of your case.

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]

Hi
Also remind him that you had to increase your disposible by £40 per month to get the IVA agreed,so you should at the least be able to retain £40 of your extra.
regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[princessb]

Thanks guys, I have spoken to them and they're going to review it when they get our wage slips but we won't have to pay out any extra until it's been reviewed. If we do have to pay any extra it'll be from our September payment onwards which means this month we'll have a bit extra. Going to have a look on Ebay for some clothes for work!

Don't want to let it lay me down this time, drown my will to fly....

[Adam Davies]

Hi
That brings back memories,I used to buy shirts for work off ebay,when in my IVA, and once brought a brand new BHS suit,with tags,for £19 !!
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[Skippy]

I got a wool skirt from Next for £3! I've worn it to death now so I'll have to start looking again!

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/