| T O P I C R E V I E W |
| orange |
Posted - 06 February 2010 : 15:25:03
hy my husband went for interview for a promotion,and we were wondering how much extra we would have to pay to the iva if we had a income increase of about £150 per month |
| 19 L A T E S T R E P L I E S (Newest First) |
| kentmikey |
Posted - 08 February 2010 : 22:45:52
Our tax credits were stopped all together until the balance we owed was cleared. But really don't know if that department that deals tax credits have any idea of what they are actually doing to be honest, as our payments although very minimal started up again. |
| doomandgloom |
Posted - 07 February 2010 : 22:17:00
What if you owe them anything before you enter an iva can it be included then. |
| doomandgloom |
Posted - 07 February 2010 : 22:15:10
How are you suppose to deal with it seperately when all available monies are going into iva. Especially when about a third of your income comes from tax credits. |
| kentmikey |
Posted - 07 February 2010 : 16:17:00
Hi doomandgloom, sounds like we have been in the same position regarding tax credits. Despite confirming the correct information it turned out we had been receiving wrong amount of tax credits for about three years! So they stopped our tax credits completely until we made up what we needed to pay back which in part made our matters worst. Our IVA is with Blair Endersby, when we initially spoke to them we were told it could be included then we were told it couldnt be and that we had to deal with it separately!
Mikey |
| MelanieGiles |
Posted - 07 February 2010 : 15:27:30
This can, subject to certain conditions, be included into and IVA as a creditor - but what is most likely is that HMRC will seek to recover the money out of your future credits. |
| doomandgloom |
Posted - 07 February 2010 : 14:53:54
What would happen if you had an overpayment of tax credits and you have to pay it back. i.e before you enter an iva but comes to light after iva is set up. The reason i ask is that in part is why we are in a mess. Our tax credits has been a fiasco since 2004. Very long story. |
| MelanieGiles |
Posted - 06 February 2010 : 23:55:33
It will also depend on whether your husband is going to incur any more cost as a result of the new job - eg extra petrol. |
| orange |
Posted - 06 February 2010 : 20:04:14
thats what we thought thanks |
| Andy Davie |
Posted - 06 February 2010 : 17:05:10
Hi
If you have a payrise and your tax credits reduce then any overpayment will usually be deducted at source from the payments left. If there is no award left and you have an overpayment relating to the period after your IVA started then I would say that any extra income could be used to repay this first.
At the end of the day it will be upto your IP
Regards |
| orange |
Posted - 06 February 2010 : 16:10:14
im confused ....surely we must repay tax credits first.has anyone any experience of this ? |
| kallis3 |
Posted - 06 February 2010 : 16:04:42
I don't know orange, this would be something to sort out with your IP. |
| orange |
Posted - 06 February 2010 : 16:02:55
if we had to re pay tax credits would we be allowed to do this first |
| kallis3 |
Posted - 06 February 2010 : 15:51:01
My IVA company does not require any increase after a payrise until the annual review.
It's not stated in our proposal, but this is what they told me when I phoned them up. |
| orange |
Posted - 06 February 2010 : 15:41:29
we also get help towards nursery...tax credits and could lose these so probably not benefit much if have to pay any over to iva..but hubbie says will benefit in long run |
| Skippy |
Posted - 06 February 2010 : 15:37:02
Check your proposal, but if you're not sure speak to your IP.
Good luck to hubby x |
| luluj |
Posted - 06 February 2010 : 15:35:24
we have to pay 50% of any wage increase from the month after our annual review. Check your proposal details it should be listed |
| Darkdog |
Posted - 06 February 2010 : 15:35:05
you will need to check your proposal, but typically you can earn an extra 10% of the income in your proposal then pay across 50% of any more than that |
| orange |
Posted - 06 February 2010 : 15:33:03
does any of the experts know how much we might have to pay thanks |
| kallis3 |
Posted - 06 February 2010 : 15:27:44
Hi Orange,
Hope hubby gets his promotion.
You would need to speak to your IP about how much money would need to be paid across. |
